Will Bitcoin Hit $100K Soon? Some Analysts Think So…

With bitcoin trading for just over $28,000 per unit at the time of this writing, it really looks like the many elements that brought BTC down in 2022 may be behind us, and several analysts are contemplating if a $100K price is in BTC’s immediate future.

Many Believe Bitcoin Could Hit $100,000 in 2023

The price of the world’s number one digital currency by market cap has rallied by more than 70 percent since the end of last year. Among the people who think bitcoin could hit six-figure territory in 2023 is Marshall Beard, chief strategy officer at crypto exchange Gemini. In a recent interview, he said:

I think bitcoin probably breaks all-time highs this year. It doesn’t take much more for it to lift.

He is confident that if bitcoin is again able to reach its November 2021 high of $68,000 per unit before the year is out, he doesn’t think it’ll have any trouble reaching $100,000.

One of the reasons for bitcoin’s sudden and meteoric rise is the state of the banking industries in both America and Europe. Over the past two months, various banks in the United States – including Silvergate, Silicon Valley, and Signature – have crashed and burned, and the idea that centralized exchanges are no longer as stable as we’ve all been told has caused a lot of people to turn their backs on the standard monetary system and put all their money into more risky assets like BTC, thus cementing its position as “digital gold.”

This is why the coin is seeing so much action as of late. Trading has increased, and bitcoin is attracting fans like never before. Oliver Linch – CEO of Bittrex Global – mentioned in a statement:

I think the rally is explicable by saying people have got freaked out by the banking system by the collapses.

Despite all the powerful predictions and the air of positivity that appears to be permeating the space, many analysts have said they don’t want to go overboard, and they are criticizing a recent prediction made by Balaji Srinivasan – the form technology chief of popular digital currency exchange Coinbase – that BTC could hit a price of $1 million within the next two months.

Maybe $1 Million in 60 Days Is a Bit Much

For bitcoin to hit that mark, it would need to spike 3,600 percent in the next 60 days. Beard thinks it’s possible BTC could hit $1 million in the future, but not in such a short period. He stated:

There’s probably a world where bitcoin hits a million dollars. I think for bitcoin to be a million dollars in 90 days, some crazy things are happening in the world, which we don’t want.

He further mentioned that he thinks it will be at least ten more years before BTC hits such a peak.

Tags: balaji srinivasan, bitcoin, Marshall Beard