Bitcoin to reach $100,000 in 2018 says the analyst who predicted tast year price rise

Bitcoin could hit $100,000 in 2018, an analyst who correctly predicted the cryptocurrency's meeting at the start of last year told CNBC  

An analyst at Saxo Bank, Kay Van-Petersen, said in December 2016 that bitcoin would reach $2,000 in 2017, a feat achieved in May, he  now says bitcoin will be driven by a larger uptake of institutional investors and futures contracts..

He also  forecasted in December 2016 that bitcoin would reach $2,000 in 2017. At the time, bitcoin was trading below $900, according to CoinDesk, a website that tracks the price of digital currencies on a number of different exchanges. So then Bitcoin blew past the $2,000 figure in May. 

Now He say  that bitcoin could hit between $50,000 and $100,000 in 2018 

Kay Van Petersen Say

 "First off, you could argue we have had a proper correction in bitcoin, it has had a 50 percent pull back at one point, which is healthy. But we have still not seen the full effect of the futures contracts"

 The CME and Cboe both launched bitcoin futures trading contracts last year. The move was seen as a way to get more institutional investors involved in the cryptocurrency market and legitimize it. But trading got off to a light start. Van-Petersen said that more institutions will get on board over time, but it won't happen quickly. 

 too reach $100,000, bitcoin would need to rally over 635 percent from Tuesday's highest price of $13,601.43, according to CoinDesk. Previously, Van-Petersen said that $100,000 could take ten years to hit.Also, bitcoin has been trading sideways since the start of the year. But the Saxo Bank analyst said that bitcoin tends to trade around a certain level then "re-rates". 

 "I wouldn't be surprised if it's something we are seeing. It's kind of building a foundation, then will re-rate a bit higher."