Co-founder and CEO of Luno Marcus Swanepoel believes bitcoin could reach $100,000 this year based on the current trading dynamic.
“Even the most bullish of bitcoin advocates could not have foreseen such a meteoric rise in price in such a short space of time,” the chief executive of Luno said.
We cannot ignore the possibility of a small pullback, but “something approaching the $100,000 mark before the year’s end” is possible, Swanepoel added.
Experts say that the current bull run looks much healthier and more stable, that the one in 2017. There are many factors that played a part in the upward rally of bitcoin. This bull run is caused by massive institutional investments and mainstream adoption of bitcoin amid the ongoing pandemic.
The institutional investment into the leading cryptocurrency has played a significant role in the recent bitcoin rally. Insurance giant MassMutual purchased $100 million of Bitcoin this month. Several billionaires and big institutions have shown interest in bitcoin.