Here’s when Messari CEO Ryan Selkis expects Bitcoin to hit $100,000
Bitcoin and the broader crypto market have maintained more bearish trends than bullish ones since 2022. Although there were some bullish moves to remember back in 2023, the market is still struggling to gain strong momentum. The impact of the 2022 crypto price crash, US inflation growth and interest rate hikes have not faded from the market yet.
In particular, several crypto experts predicted a bullish turn for the market in 2023. Also, CEO of Messari, Ryan Selkis, recently predicted a bullish price target of $100,000 for Bitcoin within the next 12 months. However, these predictions may change due to investor sentiment and other factors.
Ryan Selkis predicts $100K for Bitcoin
Ryan Selkis said on Twitter that the leading cryptocurrency’s adoption rate among traditional financial institutions and companies would accelerate at an unprecedented pace, hitting a six-figure valuation.
The CEO of the digital asset analysis firm stated that as the US dollar devalues, investors and other individuals will come to see Bitcoin as the most preferred financing option. He added that for that to happen, enterprise companies like MicroStrategy need to start collecting the token. If this action can start quickly, it will be impossible for federal regulators to shut down the asset.
Selkis also noted that the ongoing macroeconomic uncertainty and inflation risks posed by excessive central bank money printing are likely to increase interest in Bitcoin. The crypto boss is optimistic about the growth of Bitcoin if institutions can buy more of the token.
Despite his optimistic outlook, it is possible that Bitcoin’s growth path may not be straightforward. So investors should be prepared for significant price fluctuations in the short term. Based on his point of view, investors’ best approach would be to take a long-term view of Bitcoin’s potential and focus on its fundamentals rather than day-to-day price movements.
Meanwhile, Bitcoin is still a volatile and risky investment, and it is not for everyone, but for those who are willing to take the risk and stick with it for the long term.
Recent BTC Price Trend
Bitcoin has shown several price swings in the past couple of months after ending 2022 at $16,547.50. The token later entered 2023 trading at $16,547.91. It maintained price ranges around the $16,000 level until January 8, when it rose to $17,091.14.
Bitcoin maintained a steady price increase thereafter, reaching a monthly high of $23,919.89 on January 29. It later fell slightly to $23,137.84 when it launched in February.
Bitcoin also saw notable growth in the same month, rising to a peak price of $25,134.12 on February 16. However, the token failed to regain this price mark as it continued to trade below $25,130 until March 14, when it rose to $26,514.72.
Meanwhile, Bitcoin is trading at $26,759, with a 24-hour trading volume exceeding $41.2 billion. The price change in the last 24 hours is 8.44% at the time of writing.
Featured image from Pexels and chart from Tradingview.com