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Bitcoin surged above $46,000 on Monday prompting some crypto analysts to speculate that the crypto might be back into bullish territory. In fact, a number of experts now believe that BTC’s price has the potential to go to $100,000 or higher.
In terms of year-to-date returns, Ether (ETH) rose by around 320 percent this year compared to Bitcoin’s 54 percent returns so far, according to Cointelegraph. However, Bloomberg Intelligence senior commodity analyst Mike McGlone believes that BTC might catch up to ETH’s gains and soar to a six-digit price level.
“If Bitcoin were to catch up to Ethereum's performance this year, the No. 1 crypto's price would approach $100,000,” McGlone wrote on Twitter. “Though we see Bitcoin on that path, there appears little can stop the process of Ethereum flippening.”
In his post, the analyst did not elaborate on the factors that could propel Bitcoin to match Ether’s performance. However, he mentioned some catalysts that could push its price to six-digit levels. “About 80% of Bitcoin and Ethereum, the majority of the Bloomberg Galaxy Crypto Index (BGCI) performance comes from the broader perception of the first-born crypto as a global digital-reserve asset, plus accelerating digitization of fintech and the monetary system,” he said.
One of the things that could push the crypto’s price higher is the approval of a regulated Bitcoin exchange-traded fund, which could also speed up institutional adoption of Bitcoin, according to Autonomous Capital Management analysts. Despite BTC’s high volatility, which is around 5 times higher than gold, Bitcoin’s lack of correlation to traditional risk factors would be viewed positively by institutional investors.
“At present, gold has a roughly $11 trillion market cap, compared to $0.78 trillion for bitcoin…,” Autonomous said. “If we were to assume that bitcoin gets the same weighting as the current gold weighting in investor’s portfolios, its price would be 2.8x times higher or roughly $112,000.”
Meanwhile, Fundstrat Global Advisors founder Tom Lee believes that both the stock and crypto markets would rally by the end of 2021 as cases of the delta variant dwindles. This could push Bitcoin’s price higher as well. “A hundred thousand into year-end is pretty reasonable,” he said.
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