Bitcoin headed to $100,000 in 2018, says analyst who predicted last year's price rise

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Bitcoin could hit $100,000 in 2018, an analyst who correctly predicted the cryptocurrency's rally at the start of last year told CNBC
Kay Van-Petersen, an analyst at Saxo Bank, said in December 2016 that bitcoin would reach $2,000 in 2017, a feat achieved in May
Van-Petersen now says bitcoin will be driven by a larger uptake of institutional investors and futures contracts.

Bitcoin could hit $100,000 in 2018, an analyst who correctly predicted the cryptocurrency's rally at the start of last year told CNBC on Tuesday.

Kay Van-Petersen, an analyst at Saxo Bank, added that other rival digital coins could also outperform.

Van-Petersen forecast in December 2016 that bitcoin would reach $2,000 in 2017. At the time, bitcoin was trading below $900, according to CoinDesk, a website that tracks the price of digital currencies on a number of different exchanges.

Bitcoin blew past the $2,000 figure in May.

Van-Petersen said Tuesday that bitcoin could hit between $50,000 and $100,000 in 2018.