Bitcoin to test new highs in 2023?

23 Mar 2023

So far this year, Bitcoin has rallied close to 70%, and according to industry insiders, it could reach new highs.

The world’s largest cryptocurrency by market cap hit a record high of $68,990.90 in November 2021, yet since then has fallen by around 60% since then.

However, according to the chief strategy officer at Gemini crypto exchange, Marshall Beard, Bitcoin could reach $100,000.

“I think Bitcoin probably breaks all-time highs this year,” Beard stated, going on to add that the $100,000 mark is an “interesting number.”

He added that should BTC reach the previous all-time high of nearly $69,000, “it doesn’t take much more for it to lift up” to $100,000, CNBC reports.

As it stands, Bitcoin would need to rally around 270% to reach $100,000.

In addition, according to the chief technology officer at stablecoin issuer Tether, Paolo Ardoino, Bitcoin may “retest” its record high of close to $69,000.

These forecasts signalled a more buoyant outlook than at the beginning of this year when industry executives revealed to CNBC that they predict this year to be one of caution.

The industry’s current positive stance on Bitcoin now derives from its rally during the turmoil fuelled by the recent collapse of Silicon Valley Bank and the failures of Silvergate Capital and Signature Bank.

Bitcoin supporters say this shows the world’s largest crypto offers an alternative to the traditional banking system.

“I think the rally is explicable by saying people have got freaked out by the banking system by the collapses,” said Oliver Linch, CEO of Bittrex Global, during an interview with CNBC.

This was echoed by deVere CEO and founder Nigel Green: “Investors are looking for alternative currencies, such as cryptocurrencies. Moving forward, these will increasingly compete with traditional, fiat ones, and this will help trigger the decreasing dominance of currently leading international currencies.”