Coley, which being interviewed by KLTA, stated that the latest uptrend, from $19,000 to over $34,000 within a month, could be because of a sharp increase in the number of institutional investors entering into the crypto sector.
She further stated that the crypto domain could witness an expedited rally, similar to the 2017 bull rally. Notably, the rally began an year after the halving event took place in 2016.
Coley stated “Where maybe we thought maybe $50,000 made sense, this number is definitely going to be a little bit higher than that in my opinion. think we’re going towards $75,000 to $100,000 for Bitcoin by the end of 2021.”
The CEO has joined a big list of prominent analysts and industry leaders who have a bullish view of Bitcoin. For the last one year, Dan Held, who is the growth lead of cryptocurrency exchange Kraken, has been stating that Bitcoin could enter into a “supercycle” this year, leading the price to $1,000,000.
Held, in his YouTube video uploaded last week, had forecast 100x rise in the price of Bitcoin on the basis of rising adoption of the cryptocurrency.
The prevailing bull rally has also drawn attention of top news outlets. Bitcoin occupied the front page of Financial Times, the UK based global business news outlet, on January 4:
The current bull run has also caught the attention of major news outlets. Bitcoin made the front page of U.K. based international business newspaper Financial Times for Jan. 4:
Just published: front page of the Financial Times international edition Monday January 4 https://t.co/0ANz1YQw27 pic.twitter.com/lN2t2CBKVU
— Financial Times (@FinancialTimes) January 3, 2021
At the time of writing this article, Bitcoin was trading at $33,447, reflecting a gain of 2.5% in the last 24 hours.