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While Bitcoin’s price has declined since the start of 2022, Swiss bank Sebe remains optimistic that the crypto’s price will eventually recover. In fact, the bank believes that BTC could set a new all-time high as institutional money will drive its price higher.
Seba Bank CEO Guido Buehler shared his company’s optimistic Bitcoin price prediction at the Crypto Finance Conference in St. Moritz, Switzerland on Wednesday. “We believe the price is going up,” he told CNBC’s Arjun Kharpal.
He explained that at SEBA, asset pools are looking for the right time to invest, according to Cointelegraph. However, the bank needs the necessary regulation as well as the right counterparties before it can deploy capital.
The CEO said that his bank expects BTC to rise as high as $75,000. This means that the crypto could potentially surpass its previous all-time high near $69,000 set in November last year.
“Our internal valuation models indicate a price right now between $50,000 and $75,000,” he added. “I’m quite confident we are going to see that level. The question is always timing.”
While Bitcoin’s price this year has the potential to challenge last year’s all-time high, it won’t be a smooth sailing ascent. “I think so, though volatility remains high,” Buehler added.
The Seba Bank CEO opined that institutional investors could be one of the main drivers for Bitcoin’s growth this year. “Institutional money will probably drive the price up,” he explained, according to Bitcoin.com. “We are working as a fully regulated bank at Seba. We have asset pools that are looking for the right time to invest.”
Similarly, Galaxy Digital CEO Mike Novogratz predicted a surging demand from institutional investors this year. “We see a tremendous amount of institutional demand on the sidelines,” he said. “I’m not nervous in the medium-term.”
Just like Buehler, Novogratz also expects volatility to continue in the near future. “We are going to have a lot of volatility in the next few weeks,” he added.
