An analyst at Saxo Bank has said that he expects Bitcoin to hit $ 100.000 by the end of 2018, among other reasons, due to increased interest from institutional investors.

Kay Van-Petersen, already in 2016 he ventured to predict that in 2016 Bitcoin could reach $ 2.000 in 2017, which represented a 100% rise. It fell short, as we well know. BTC reached $ 2.000 in the highest month and since then it has been rising, ending the year near $ 14.000 and passing $ 20.000, as the historical maximum of this cryptocurrency. The Saxo Bank analyst upped the ante in an interview on CNBC, saying it could range from $ 50.000-100.000 later this year, up 300-700%.

First of all, you could argue that we've had a proper correction in Bitcoin, which has had a 50 percent pullback at one point, which is healthy. But we haven't seen the full effect of futures contracts yet.

This rally will be basically driven by institutional investors, who have recently commented to enter a market, which has basically been driven by the sale and purchase of retailers. There are a wide variety of hedge funds and venture capital firms that started working with BTC last year, the most prominent being Peter Thiel's Founders Fund.

The US exchanges CBOE and CME, have been the first to offer futures contracts, but under the regulation for investments imposed by Wall Street, and the providers of funds have sought to obtain the approval of the regulators to use these contracts as a basis for funds. traded that follow the price of BTC.

Despite a strong rise for a few months, things have cooled down in recent weeks, first for the Christian Christmas and now for the Chinese New Year. Since the beginning of January, the value of Bitcoin has fallen by more than 9%, registering a drop of approximately 40% from its all-time high, established on December 17. Van-Petersen has said that he is not concerned about this situation, as he says that BTC usually consolidates at a low level before reaching new highs.

Van-Petersen also says that Ethereum is the true benchmark when it comes to rallying the cryptocurrency market this year. It highlights that Ethereum aims to have a 'more unified leadership than Bitcoin'.