Bitcoin’s price surge will see the cryptocurrency surpass the $60,000 mark later this year, according to a majority of respondents in a recent survey conducted by media outlet, Investing.com.
Bitcoin has been on a dramatic run since it recovered from the COVID-19 market dip in March 2020 and has more than quadrupled its value in the process. The strong momentum continued into the new year, with BTC recording an all-time high above $40,000.
However, investors are still optimistic that Bitcoin still has at least 50% upside left in the current bull run. Some 61% of 800 respondents in the UK Investing survey believe a $60,000 BTC price will happen this year, while only 17% think the cryptocurrency has already reached its highest price.
Another interesting metric from the survey is that among those who confirmed that they were already invested in Bitcoin, 71% disclosed that they would increase their positions, and 31% sees a $100,000 BTC price also happening this year.
Of those who do not currently hold BTC, 47% said they plan to get some exposure to it before the year ends, while 21% hope to invest between £1,000 and £10,000.
Bitcoin’s meteoric rise in the past few months was primarily associated with institutional and corporate investors discovering the asset’s value, increasingly getting exposure to it, and encouraging others to do the same.
There has also been no shortage of retail involvement with Google Searches for ‘Buy Bitcoin’ skyrocketing in recent weeks, and retail payment giant PayPal launching its buy/sell cryptocurrency platform.
Whether these and many other external factors are enough to push bitcoin to the newer highs, such as those predicted by the survey respondents, will be an exciting story to watch.
Bitcoin trades at $37,381 (£27,615) at the time of writing, representing a 30% year-to-date (YTD) return.