An analyst at eToro says Bitcoin could soon reach its all-time high of around $20,000.
In an interview with the crypto outlet CCN, Simon Peters says Bitcoin is on a trajectory that could bring the leading cryptocurrency anywhere from $50,000 to $100,000 by the end of the year, despite pullbacks that may come along the way. His analysis is largely based on Bitcoin’s past price movements and the last big BTC bull run.
“If the price of Bitcoin maintains its current parabolic trajectory, partly stoked by Facebook’s foray into the world of cryptoassets, it could reach the all-time high of $20,000 within the next 7-14 days. This was the approximate timeframe to reach $20,000 from the last time we were at $11,800…
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.”
Peters says data from Google Trends, which shows relatively quiet interest in Bitcoin from the mainstream, indicates new money is coming from institutions instead of retail traders.
“Looking at historic Google Trends data, the search terms for ‘Buy Bitcoin’ have typically spiked with the price as new retail investors jumped on the train. The fact that trends data hasn’t spiked with price on this occasion suggests that new capital is instead coming from institutions, which bodes well for the long term, as well as money from investors who had previously parked their funds in stablecoins such as Tether.”
Right now, Bitcoin and the overall crypto market is back in the green. BTC is up 13.12% at $12,290 according to COIN360. Ethereum is up 7.05% at $309.85, XRP is up 2.65% at $0.4183 and Litecoin is up 4.54% at $120.86.
With Bitcoin set for what appears to be a bright start to the weekend, here’s a look at the latest technical analysis on the top five cryptocurrencies.
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