According to the CNBC poll among influential figures in the industry, the market remains bullish about the future of the leading cryptocurrency.
Bitcoin reached its ATH in November 2021 at around $69,000 mark and has since fallen by about 60%.
Gemini’s chief strategy officer, Marshall Bird, says the coin could reach $100,000 this year. In his view, if Bitcoin manages to break through the previous all-time high, it won’t take long to rise higher.
CTO Tether Paolo Ardoino believes that Bitcoin may “retest” the $69,000 level.
Oliver Linch, CEO of Bittrex Global, ties the asset’s rally to the US banking crisis sparked by the collapses of Silvergate Bank, Signature Bank and Silicon Valley Bank.
CNBC journalists also recalled the bet by ex-Coinbase CTO Balaji Srinivasan and former Goldman Sachs top executive Raoul Pal on Bitcoin reaching $1 million. If the leading cryptocurrency does not reach the agreed price by June 17, Pal will win $1 million and return his stake of 1 BTC.
“For Bitcoin to reach a million in 90 days, some crazy things would have to happen in the world, things we do not want,” said Marshall Bird.
According to Gemini’s chief strategy officer, the coin could take ten years to approach that figure.
Ardoino is also skeptical of the claim. If Bitcoin were to reach such levels, it could spell “the collapse of the entire economy,” he added.
At the time of writing the asset was trading at $28,356, up 1.5% on the day (according to CoinGecko).
Earlier in March 2023, Messari founder and CEO Ryan Selkis predicted Bitcoin would rise to $100,000 within 12 months. He regards the leading cryptocurrency as a reliable store of value amid problems in the US economy.