Bitcoin price could smash $100,000 target this year - but experts warn it won't go further

Despite these warnings, some 32 percent of the 35 panellists believe BTC will hit £86,321 ($120,000) or higher this year.

And the majority of the panel, about 58 percent, agreed Bitcoin's price is being driven upwards by institutional investors.

Only 24 percent thought Bitcoin's rally was backed by retail, and 18 percent said the price is driven by whales - a small number of investors holding onto large sums of the crypto.

Finder.com’s panel predicted Bitcoin will peak at £77,318.27 ($107,484) on average this year.

Dr Paul J. Ennis, Lecturer and Assistant Professor at the University College Dublin, thinks BTC will hit $72,000 ($100,000) but he doesn't expect it to go any higher than that.

The expert said: "Institutional investment will continue to drive the price up, but $100,000 is a psychological barrier that even institutions will find too high."

But not everyone feels so bullish about Bitcoin's performance this year.

Joel Kruger, a Cryptocurrency Strategist at LMAX Group, thinks BTC will claw back some of its recent losses.

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