Some cryptocurrency bulls are now eyeing $100,000 as bitcoin’s next level, after the leading crypto asset on Friday briefly topped $70,000 for the first time in its history.

Mark Connors, director of research at digital-asset manager 3iQ Corp, said he believes bitcoin BTCUSD, -0.40% is likely to reach as high as $100,000 before its next halving event — which is expected to happen on or around April 20 — as exchange-traded funds investing in the token attract institutional inflows.