After reaching a new high on Wednesday, Bitcoin's advance has slowed, but some analysts believe the next rally might push it above $100,000 by the end of the year.
With the introduction of the first U.S. Bitcoin futures exchange-traded funds this week, traders are looking to see how the landscape develops.
Many people are forecasting a gain of $100,000 by the end of the year, including BitMEX Chief Executive Officer Alexander Hoptner, who indicated that figure in a Bloomberg Television interview on Friday.
After peaking at nearly $67,000 on Wednesday, the largest cryptocurrency was up 0.6 percent to $63,077 at 12:25 p.m. in Hong Kong on Friday. Following the debut of the U.S. ETF, as well as sustained institutional interest, Bitcoin hit a new high.
According to some observers, the next test will cost around $90,000. "Initial upside targets for Bitcoin above $65,000 lie near $72,500, then $89,000, and are deemed to be clearly within reach on this breakthrough of previous high," according to a research published by Fundstrat on Wednesday.
investment in crypto assets, as well as the possibility of larger investors known as "whales" purchasing them.