Bitcoin is down by more than 35% from its all-time high, but market experts are confident its price will reach $75k this year.
The CEO of Swiss bank SEBA is confident that the market rally will resume and Bitcoin will touch the $75k level before the end of the year. Guido Buehler revealed this to CNBC’s Arjun Kharpal at the Crypto Finance Conference in St. Moritz, Switzerland, yesterday. He said;
“We believe the price is going up. Our internal valuation models indicate a price right now between $50,000 and $75,000. I’m quite confident we are going to see that level. The question is always timing.”
The cryptocurrency market has been in a bearish trend over the past two months. Bitcoin reached an all-time high price of $69,000 in November. However, it has been underperforming since then and is currently trading at $43k per coin.
Bitcoin’s price dropped below the $40k level on Monday, the first time it had traded below that mark since September. Buehler said the volatility in the market would remain high over the coming weeks and months.
The total cryptocurrency market cap dropped below the $2 trillion mark earlier this week. This comes after reaching an all-time high of $3 trillion in November. However, the market cap is now above $2 trillion again and could rally higher in the coming weeks and months.
Bitcoin is not the only cryptocurrency that has experienced improved performance in recent months. Ether, the second-largest cryptocurrency by market cap, has also added more than 3% to its value in the last 24 hours.
Ether is now targeting the $3,500 level following its recent rally. Solana, Binance Coin, Cardano, Luna, Polkadot, Avalanche and XRP have also added more than 2% to their values over the past 24 hours.