invezz.com
Guido Buehler, the CEO of Swiss-based SEBA Bank AG, believes Bitcoin (BTC/USD) could surge to a new all-time high (ATH) this year.
He shared his prediction with a CNBC journalist during the Crypto Finance Conference in St. Moritz, Switzerland earlier today. Specifically, the bank boss said BTC could notch $75,000.00 (£54,791.25), surpassing 2021’s ATH of $68,789.63 (£50,262.18).
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According to Buehler, SEBA’s internal valuation models indicate that BTC’s price could increase to anywhere between $50,000.00 (£36,515.01) and $75,000.00 (£54,791.25). He added that he is confident that the flagship cryptocurrency will get to such levels and that it is only a matter of time. However, he believes BTC’s volatility will remain high.
Sharing what he believes will drive this growth, Buehler noted that institutional investors would increasingly embrace BTC this year, pushing it to such heights. He pointed out that SEBA works as a fully regulated bank and that it has asset pools that are waiting for the right time to invest.
This belief varies from Pascal Gauthier, CEO of crypto wallet Ledger, who also graced the event. According to him, retail investors will be fuel BTC’s growth this year.
Referring to retail investors Gauthier said,
They trust bitcoin more and more and it’s really the people that will push the price up.
BTC starts making a comeback
This news comes after BTC entered into a prolonged bear market at the start of December last year, with experts claiming the plunge was due to institutional investors taking profits.
While the BTC market notched the $50,000.00 (£36,515.01) level again on December 23, the market entered another bear market, which worsened on news of the 10-year US Treasury yield increasing and the possibility of the US Federal Reserve bumping up interest rates. As a result, BTC traded as low as $39,796.57 (£29,054.48) on January 10.
Explaining why BTC fell sharply, Genesis’ Head of Market Insights, Noelle Acheson, said,
We’ve seen bitcoin behave like a risk asset on numerous occasions over the past few months.
She added that when the market gets jittery, BTC tends to tumble more than other assets with high volatility because it is more liquid.
However, the coin gathered steam and started a new bull cycle that saw it bounce back almost immediately. At the time of writing, BTC is changing hands at $43,520.73 (£31,773.40) after gaining 3.61% over the past 24 hours.