Catherine Coley, CEO of major crypto exchange Binance’s U.S. arm, sees the current Bitcoin bull run as a sign the crypto asset could reach a price up to $100,000.
Speaking to news outlet KLTA yesterday, Coley said the recent rally in the price of Bitcoin (BTC) — moving from $19,000 to more than $34,000 in less than a month — may be due to a surge in the number of institutional investors taking an interest in the crypto asset. She added that the crypto space could be seeing an "accelerated" rally based on what happened prior to the 2017 bull run, in which the BTC price surged more than a year after the rewards halving in July 2016.
“Where maybe we thought maybe $50,000 made sense, this number is definitely going to be a little bit higher than that in my opinion,” said Coley. “I think we’re going towards $75,000 to $100,000 for Bitcoin by the end of 2021.”
The Binance.US CEO is not alone in her bullish predictions for the coming year. Dan Held, crypto exchange Kraken’s growth lead, has been saying since last year that Bitcoin could be entering a "supercycle" in 2021 eventually driving the price to $1,000,000. In a video posted to his YouTube channel last week, Held predicted the price of Bitcoin would move much more than a "100x increase" based on increasing adoption of the crypto asset.
The current bull run has also caught the attention of major news outlets. Bitcoin made the front page of U.K. based international business newspaper Financial Times for Jan. 4:
Just published: front page of the Financial Times international edition Monday January 4 https://t.co/0ANz1YQw27 pic.twitter.com/lN2t2CBKVU— Financial Times (@FinancialTimes) January 3, 2021
At the time of publication, the price of Bitcoin is $33,410, having risen 4% in the last 24 hours.