The price of bitcoin (BTC) is expected to reach a high of $162,353 this year (€139,148) before settling at around $145,167 (€124,418).

That's according to the latest survey by British fintech company Finder, which gathered price forecasts from 24 crypto-industry experts, reports Euronews.

Within the responses, the high and low estimates vary widely, with the most optimistic forecasts expecting a peak price of $250,000 this year. The average lowest price forecast stands at $87,618, with some predicting bitcoin will fall to $70,000.

The cryptocurrency recently reached $120,000 from just under $100,000 late last year.

"There are a number of factors that are increasing demand for bitcoin, including clearer and more favorable regulations, increased utility, such as payments, and changing economic conditions," said the CEO of crypto exchange Zondacrypto, Przemyslaw Kral.

He added that regulations such as the EU's MiCA have contributed significantly to the recent growth. The Markets in Cryptoassets Regulation (MiCA) establishes uniform EU market rules for cryptoassets. This, combined with increased interest from institutional players, mainly in the form of exchange-traded funds (ETFs), has made cryptocurrencies more accessible to many.

Cryptocurrency-based ETFs make it easy for investors to gain exposure to cryptocurrencies without having to buy them directly. The popularity of these funds grew after bitcoin ETFs began trading in U.S. markets last year. | BGNES