Simon Peters, an analyst with the eToro trading platform, believes that the price of Bitcoin is able to return to its historic high of about $ 20,000 over the next two weeks and rise to the range of $ 50,000 – $ 100,000 by the end of the year.
Peters observed that over the same short period of time, the course was able to grow from $ 11,800 to $ 20,000 the previous time. In his forecast, however, he makes an important remark: the achievement of these levels within a specified time frame is possible only if the parabolic trajectory remains.
The analyst believes that the current rally is different from examples from the past, since it is not accompanied by an increase in search queries for the keywords “ buy bitcoin ” in Google. Thus, in his opinion, the inflow of capital is currently provided by institutional investors and market participants, who previously placed their funds in stablcoins .
Commenting on the likelihood of a long climb, Peters said :
“If we take into account the growth in the volume of positions for sale, very soon we can see a correction. But even if this happens, Bitcoin remains in such a position that it can close the first half of the year on an extremely positive note. We can see Bitcoin at $ 50,000 and even at $ 100,000 this year. ”
He also notes that in order to ensure the growth of Bitcoin , altcoins were sacrificed, some of which “hang out” at very low levels.
At the time of publication, Bitcoin is trading at around $ 13,200, and you can see the current rate on this chart:
Publication date 06/26/2019
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