THE Bitcoin price seems to be recovering after a concerning week of value drops.
Some experts think the cryptocurrency could hit a target value of $100,000 (£74,000) despite its recent vulnerability and the doubt now surrounding it.
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Hong Fang, the CEO of cryptocurrency exchange OKCoin, recently told CNBC: “I still believe that the 100,000 price point is reasonable.
She added: “The timing can be a bit elusive because we are at the mercy of market dynamics.”
Fang didn’t give a specific date on when she thinks the Bitcoin price will surge to the $100,000 mark.
Goldman Sachs previously suggested that Bitcoin could reach the staggering value this year.
Doubt was cast on this earlier this week when Bitcoin hit a new low of $39,771.91 (£29,057.95), according to Coin Metrics.
The popular cryptocurrency was said to be facing its worst price crisis in almost four years.
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The last time it saw a slump like this was in August 2018.
It’s lost nearly 40% of its value over the past two months.
Bitcoin was trading at around $69,000 (£51,000) back in November.
After a December crash, Bitcoin was trading at around $50,000 (£34,000).
The good news for investors is that things seem to be picking up a bit again.
At the time of writing, it’s currently trading at $43,867.40 (£32,050.18).
Fang concluded: “Mid to long term, I still think getting to 100,000 – or even a higher price – shouldn’t be a problem.”
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