Seba Bank CEO: Bitcoin Could Soar to ATH of $75,000 This Year
For Bitcoin to attain the ATH as predicted by the Seba Bank CEO, both retail and institutional investors have a prominent role to play.
This year is still very fresh, and Bitcoin (BTC), as well as the broader cryptocurrency ecosystem, did not start the year on a very good note, however, predictions that the premier digital currency will retest a new All-Time High (ATH) this year. As reported by CNBC, Guido Buehler, the Chief Executive Officer of SEBA Bank, a regulated Swiss financial institution with a focus on crypto, has shared his forecast for Bitcoin noting the coin could top an ATH of $75,000.
“We believe the price is going up,” Guido Buehler pointed out at the Crypto Finance Conference in St. Moritz, Switzerland, on Wednesday. “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.”
Beyond timing, Buehler is also not discounting the fluctuations that can come up as a result of Bitcoin’s volatility in an attempt to achieve the price target.
While Bitcoin is currently showing signs of recovery at the time of writing where it is trading at $43,067.03, up 2.73% in the past 24 hours according to data from CoinMarketCap, the digital currency has printed more damning losses that pushed its price below $40,000 earlier this week. The downfall is hinged on increasing Treasury Yields and concerns that the United States Federal Reserve will increase interest rate this year. Bitcoin investors seem to be unsettled by this reality and as such, the fear is reflected in the price plunge since Q4 2021.
“We’ve seen bitcoin behave like a risk asset on numerous occasions over the past few months,” said Noelle Acheson, head of market insights at Genesis. “When the market gets jittery, bitcoin tumbles. We’ve seen various indications that market sentiment is somewhat spooked by the spike in the 10-year — that’s not good for any asset that has high volatility in cash flows. Unlike many assets that are tainted by this brush, bitcoin is liquid and therefore can take more selling pressure without a heavy hit.”
Seba Bank CEO’s Bitcoin ATH Prediction: The Role of Retail and Institutional Investors
For Bitcoin to attain the ATH as predicted by the Seba Bank CEO, both retail and institutional investors have a prominent role to play. According to Buehler, investors with corporate money have a lot of influence and role to play in lifting the price value of BTC moving forward.
“Institutional money will probably drive the price up,” he said. “We are working as a fully regulated bank. We have asset pools that are looking for the right times to invest.”
Typically, Bitcoin has been in an oversold position when compared to its strides in early November when it hit its ATH above $68,000. This period represents a perfect entry point for many institutional investors to stack up on the digital currency in line with prominent business intelligence and software firm, MicroStrategy Incorporated (NASDAQ: MSTR) with over 124,391 bitcoins on its balance sheet.