The price of Bitcoin (CRYPTO: BTC) has been tipped to move back above US$100,000, with one of Wall Street's major holders of the cryptocurrency making the call.
The Bitcoin price has spent most of this calendar year below the US$80,000 level, before making a recovery in recent weeks.
It is now changing hands for US$83,415.
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Cryptocurrency price forecast to head north
But Strategy Inc Executive Chair Michael Saylor, in a new interview with Bloomberg Television, said the bear market in Bitcoin was over.
He said:
It should definitely move back into the six figures beyond US$100,000. We hit the bottom around slightly below US$60,000, I think we bounced off it. Now, we are moving up into the 80s.
According to financial publication The Street, Mr Saylor's prediction mirrors forecasts by Citi, which has a 12-month Bitcoin price target of about US$113,000, and TD Cowen, which is forecasting US$109,000 by the end of the year.
The Street was reporting that Strategy itself holds 848,250 Bitcoin.
Big investor very bullish on the outlook
Major technology fund manager ARK Invest also recently published a review of the cryptocurrency market, which reiterated its view that Bitcoin would hit around US$1 million by 2030.
They said:
The market for smart contract networks and pure-play digital currencies—the latter which serve as stores of value, mediums of exchange, and units of account on public blockchains—could grow at an annual rate of ~61% to $28 trillion in 2030. We believe bitcoin could account for 70% of the market, the balance dominated by smart contract networks like Ethereum and Solana. Based on ARK's forecast, bitcoin is likely to dominate the market cap for cryptocurrencies, increasing at a compound annual growth rate (CAGR) of ~63% during the next five years, from nearly ~$2 trillion to ~$16 trillion by 2030.
ARK's forecasts are based on their thesis that Bitcoin will be used as "digital gold" representing a safe haven investment.
ARK said that in 2025, Bitcoin ETF balances grew by 19.7%, while public company holdings grew by 73%.
They added:
As a result, the percent of bitcoin outstanding held by ETFs and public companies increased from 8.7% to 12%.
Market watchers are waiting for the release of US inflation figures early Friday morning Australian time, with higher numbers expected to be a drag on the Bitcoin price.
Over the past year, Bitcoin has returned negative 26.3%.
The cryptocurrency was trading for US$115,278 a year ago, and hit lows of about US$58,000 in early July.
