Although the cryptocurrency has had a horror start to the year, shedding almost half its value, one expert is bullish.
Bitcoin seems to be recovering after a concerning week of value drops.
Some experts think the cryptocurrency could hit a target value of $US100,000 ($A137,000) despite its recent vulnerability and the doubt now surrounding it, The Sun reports.
Hong Fang, the CEO of cryptocurrency exchange OKCoin, recently told CNBC: “I still believe that the $US100,000 price point is reasonable.
She added: “The timing can be a bit elusive because we are at the mercy of market dynamics.”
Fang didn’t give a specific date on when she thinks the bitcoin price will surge to the $100,000 mark.
Goldman Sachs previously suggested that bitcoin could reach the staggering value this year.
However doubt was cast earlier this week when bitcoin hit a new low of $US39,771.91 ($A54,000), according to Coin Metrics.
The popular cryptocurrency was said to be facing its worst price crisis in almost four years.
The last time it saw a slump like this was in August 2018.
It has lost nearly 40 per cent of its value over the past two months.
Bitcoin was trading at around $US69,000 ($A94,000) back in November.
After a December crash, the cryptocurrency was trading at around $US50,000 ($A68,000).
The good news for investors is that things seem to be picking up a bit again.
At the time of writing, it’s currently trading at $US43,867.40 ($A60,200).
Fang concluded: “Mid to long-term, I still think getting to $US100,000 – or even a higher price – shouldn’t be a problem.”
Speaking to news.com.au last month, Greg Rubin, head of trading at Aussie firm Global Prime, also predicted bitcoin would hit six figures.
He forecast that this price jump would happen in the first three months of this year.
The investing expert reckons bitcoin has one more bull run left in it before it stays at a low price for a long time.
He estimates the top-ranked coin will hit between $US114,000 ($A158,000) to $US130,000 ($A181,000) in the first quarter of 2022.
However, after that, prices would drop dramatically, where they would stay until the next surge.
“Looking at the scale of probabilities, it seems the most likely end to the bull run that kicked off in 2020 will be next year,” he told news.com.au.
After the final bull run of the year, bitcoin’s price would plunge to $US10,000-$US20,000 ($A13,000-$A27,000) mark, a drop of around 70 per cent, where it would remain for some time.
“When the volatility dies down, it will meander on low volume for years,” he said.
This article originally appeared in The Sun and was reproduced here with permission