Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Some crypto industry insiders believe that BTC price can surge to its previous all-time high of $69,000 and even beyond to $100,000.
The world’s largest cryptocurrency Bitcoin (BTC) has already delivered a solid performance this year so far outperforming all other asset classes by a considerable margin. Currently, Bitcoin is trading at $27,708 with a market cap of $535 billion. At this current price, the BTC price is up already 70% from January 1, 2023.
The fact that this Bitcoin performance comes despite cracks in the global banking system is exemplary. This has forced several analysts to turn bullish. In fact, some analysts are bullish to a point that they are expecting Bitcoin to hit a new all-time high this year in 2023.
CNBC spoke to some crypto industry insiders one of them being Marshall Beard, chief strategy officer at US-headquartered cryptocurrency exchange Gemini. Beard thinks that there is a possibility that Bitcoin could touch $100,000 this year. This means that the Bitcoin Price could surge another 270% from the current levels.
“I think bitcoin probably breaks all-time highs this year,” said Beard, adding that the $100,000 price figure is an “interesting number”. The Gemini executive said that if BTC manages to inch closer to its previous all-time high of $69,000, “it doesn’t take much more for it to lift up” to $100,000.
But Marshall Beard is not the only person bullish about Bitcoin’s performance in 2023. Paolo Ardoino, chief technology officer at stablecoin issuer Tether believes that Bitcoin could “retest” its all-time high of $69,000.
There’s been a major shift in the sentiment around Bitcoin since the beginning of 2023 when more people expressed the need to maintain caution.
Bitcoin (BTC) as a Digital Gold
Bitcoin’s this year performance shows that it is surely maturing as a trusted asset class and a hedge against traditional institutions. Amid the high inflationary environment, Bitcoin delivered a very strong performance in the market. Also, as the trust among traditional banking players started to dwindle, Bitcoin found many backers.
Of course, yellow metal Gold too has delivered a healthy 10% as the banking crisis unfolded in the West. But as we see, Bitcoin has clearly outperformed it with a 7:1 margin. The world’s largest crypto is truly on its way to emerging as a safe haven aka Digital gold.
Additionally, Bitcoin has also shown signs of decoupling with US equities. While the performance of the Nasdaq 100 remained subdued this month, Bitcoin has managed to continue with its rally further.
Last week, venture investor Balaji Srinivasan put a $1 million bet on Bitcoin stating that the BTC price shall touch $1 million in the next 90 days as the banking crisis unfolds. He expects the US to slip into hyperinflation thereby eroding the value of the USD and Bitcoin can emerge as a true hedge in this situation.