On January 29, Bitcoin price has surged over 2.5%, with the leading cryptocurrency reaching a price of over $23,500. The surge in bitcoin’s price has been fueled by institutional buying and the expectation of further adoption.
The technical outlook is suggesting bullish predictions for BTC’s future, but it remains unclear how high the asset will go. In this article, we explore how far BTC could climb in the near future and what factors will influence its path.
Institutional Investors Reveal Their Bitcoin Predictions: 65% Expect BTC to Reach $100K in 2023
According to a recent survey, institutional investors are confident about the future of Bitcoin and firmly believe that it could even reach $100,000. This strong sentiment is reflected in their expectations for the upcoming year as well.
The opinions of significant institutional investors on Bitcoin’s future price were disclosed in a poll by Nickel Digital Asset Management on Thursday. The Financial Conduct Authority (FCA) of the United Kingdom and the Commodity Futures Trading Commission of the United States both authorize and regulate the London-based investment management (CFTC).
Recently, Nickel hired Pureprofile, a market research firm, to undertake a global survey among institutional investors and wealth managers in the United States, the United Kingdom, Germany, Singapore, Switzerland, the United Arab Emirates, and Brazil. It was determined using the study of more than $2.85 trillion in AUM.
Nickel presented the findings of the survey in detail.
Professional investors are forecasting a strong year ahead for bitcoin and are confident about its long-term valuation. Nearly nine out of 10 professional investors predict bitcoin price rise this year. Two out of three agree $100,000 valuation is possible but only for long-term investors.
The asset manager’s study uncovered a strong belief in bitcoin’s price trend for the foreseeable future; in fact, 23% of participants believed that it will surpass $30,000 by 2023.
Besides, according to a survey, two-thirds of institutional investors believe that Bitcoin could potentially hit $100,000 in the long term. Among them, nearly 60% think that the price level would be achieved in 3-5 years while 25% say it would require more than five years.
According to a survey, 39% of respondents think that the value of Bitcoin will reach its record-breaking peak price of $69,000 in 3 years’ time while 76% said it will happen within 5 years. According to a recent survey by an asset management firm, only 3% of people doubted that bitcoin could reach its all-time high again.
