Analyst: Bitcoin may rise to US$100,000 in 2018

Analyst: Bitcoin may rise to US$100,000 in 2018 Sina US Stock News On the 16th, Beijing time, CNBC said that Danish Saxo Bank analyst Kay Van...

Sina US Stock News On the 16th, Beijing time, CNBC said that Danish Saxo Bank analyst Kay Van Petersen (Kay Van-Petersen said on Tuesday that the price of Bitcoin could reach $100,000 in 2018.

The analyst who correctly predicted the rise of cryptocurrencies last year said that besides Bitcoin, other cryptocurrencies may also perform better. In December 2016, Peterson predicted that Bitcoin would reach $2,000 in 2017. His prediction came true in May 2017, when Bitcoin was trading below $900, according to CoinDesk data.

He once again made a bold prediction on Tuesday, believing that Bitcoin may rise to US$50,000 to US$100,000 in 2018, driven by more institutional investors and futures contract trading. Data shows that to reach a price of $100,000, Bitcoin would need to rise 635% from Tuesday’s peak price of $13,601.43. Previously, Peterson said it could take 10 years to reach $100,000.

However, digital currencies including Bitcoin, Ethereum and others saw sharp sell-offs on Tuesday as expectations of a government crackdown mounted. Among them, the price of Bitcoin once fell by more than 14% to below $12,000. According to Reuters, South Korea’s Minister of Strategy and Finance said that banning cryptocurrency transactions is still a possible option. Separately, a Chinese central bank official said on Tuesday that centralized trading of digital currencies should be banned.