Saxo Bank global macro strategist and famous Bitcoin bull Kay Van-Petersen has said Bitcoin prices will hit “$50,000 – $100,000 within the next six to 18 months.”
Speaking to Bloomberg in a short interview, Van-Petersen explained that the influx of institutional money would be the “catalyst” in pushing Bitcoin prices even further.
“We’ll get a cascade of ETFs, mutual funds and other investment vehicles breaking out,” he forecast, describing the $100,000 price tag as a “prudent” prediction.
Not just Bitcoin, but other cryptocurrencies could “do better” in terms of price growth from the same phenomenon, the analyst continued, highlighting Ethereum as a possible next contender specifically for ETFs.
“The astonishing thing – mindblowing if you will – is that you take a step back and look at the price appreciation… a lot of this has happened without traditional institutional money, and that’s basically going to be coming on board over the next six to 18 months,” Van-Petersen continued.
As Bitcoin continues to go well beyond any analyst’s expectations for short-term growth, even the most hardline proponents are being left to wonder what could be next.
Even Van-Petersen’s own prediction of a $100,000 Bitcoin within 10 years, which he delivered in May, now seems less surprising.
Bitcoin prices have recovered since CBOE’s futures successfully launched, with exchanges currently eyeing $17,000 per coin after a drop below $13,000 over the weekend.