Bitcoin Could Hit $75K This Year Boosted By Institutional Investors: Seba Bank

Despite trading below expectations, Bitcoin has the potential to hit the $75K mark this year, regulated Swiss Bank Seba has predicted.

Bitcoin was trading in the red for a couple of days before gaining momentum Wednesday. This, Seba Bank CEO Guido Buehler noted, was the initial push that will drive the top coin above the $50K mark.

“We believe the price is going up. Our internal valuation model indicates a price right now between $50,000 and $75,000,” Buehler told CNBC at the Crypto Finance Conference in St. Moritz, Switzerland Wednesday.

At 2.05 a.m. ET Thursday, BTC was trading at $43,701.23 following a 2.46% surge over the last 24 hours.

The Seba Bank CEO exuded confidence that BTC will surpass the record high of $68,000 it touched last year, even though volatility will remain high.

When asked about the reason for his prediction, Buehler said, “Institutional money will probably drive the price up.”

Institutional money investors are firms that invest money on behalf of their clients, for example, a mutual fund or a hedge fund.

Last week, Galaxy Digital CEO Mike Novogratz said that his company sees tremendous demand for crypto among institutional investors.

Meanwhile, global investment bank Goldman Sachs has predicted that Bitcoin could hit the $100K mark as the top coin continues to take gold’s market share as a store of value.