As eToro was always pro-crypto especially when we’re talking Bitcoin, it makes no wonder that their analyst Simon Peters claims that Bitcoin prices could match their all-time high of $20,000 within the next two weeks, and, could actually hit $50,000 or $100,000 by the end of the year.
This doesn’t seem impossible at all if we look at the fact that it took two weeks at most for BTC to reach the record figure of $20,000 when it was last at $11,800 back in 2017. However, Peters warned that his short-term prediction is based on the assumption that Bitcoin maintains its current parabolic trajectory.
Peters believes this rally is different from past surges because it hasn’t been accompanied by a spike in Google searches for “buy bitcoin” — indicating that the capital entering the market is coming from institutions and investors who had previously parked their funds in stablecoins.
On whether the surge is sustainable, Peters added:
“With the number of sell positions building in the market it’s possible we could see a correction very soon. Even if that was the case though, bitcoin continues to remain on track to close out the first half of the year on a highly positive note. We could see bitcoin reaching $50,000 or even $100,000 this year.”
The truth is, $10,000 was, let’s say, first important psychological barrier for Bitcoin. Many have already argued that if it grows above this price, it could propel the price even higher. Tom Lee also claims that FOMO could take the cryptocurrency’s price to $20,000 within months.
The leading cryptocurrency by market value rose to a 17-month high of $13,430 on CoinMarketCap at the time of writing. At that price, the cryptocurrency was up $3,900 from the level of $9,036 seen a week ago.