Major cryptocurrencies rose broadly on Thursday morning after Swiss bank chief Ciba predicted that Bitcoin (BTC-USD) would reach a new high in the next 12 months.
CEO Guido Buehler said the cryptocurrency could hit $75,000 (£54,581) over the next 12 months as more institutional investors embrace it, surpassing the current all-time high of $69,000 it hit in November of this year. the past.
Our internal evaluation models suggest a price tag now between $50,000 and $75,000. I’m pretty sure we’ll see that level. “The question is always timing,” he said at the Crypto Finance conference in St. Moritz, Switzerland.
Institutional money is likely to drive up prices. We operate as a fully regulated bank. We have asset groups looking for the right time to invest.”
Read more: Live cryptocurrency rates
At the time of writing, Bitcoin is up 2.6% to trade at $43,935. Ethereum (ETH-USD), the second largest cryptocurrency by market capitalization, rose 3.3% to trade at $3,368.
Cryptocurrencies were boosted on Wednesday by news that the US Consumer Price Index, a key inflation measure, rose 7% in December. Despite the sharp rise, it is still better than many analysts expected.
Naim Aslam, chief market analyst at Ava Trade, said that exchange data shows that whales are “playing with the supply of bitcoin.”
“This means that there has been a significant increase in the flow of bitcoin from crypto exchanges to personal wallets and this leads to a shortage of bitcoin supply, which is pushing the price of bitcoin in the right direction.”
He also said that the biggest and most important figure for bitcoin is the $40,000 support, and as long as this remains unchanged “it is likely that we will see higher bitcoin price moves.”
However, he said this was an “unlikely scenario”.
Read more: Cryptocurrency proponents believe that Bitcoin and NFT offer better returns than stocks, study finds
“Moving averages, 50-week high or low, and these other indicators are of no value to an analyst when it comes to bitcoin. It is the largest speculative asset of the 21st century,” Kunal Sawhney, CEO of Calkin Group, told Yahoo Finance UK. twenty so far.
“Price in the coming weeks or months will be the product of these speculations by bitcoin detractors and enthusiasts.”
Watch: What are the risks of investing in cryptocurrency?