An eToro analyst believes a correction in Bitcoin prices is possible “very soon,” but nonetheless believes a price of $100,000 could happen this year.
Bitcoin (BTC) prices could match their all-time high of $20,000 within the next two weeks — and could hit $50,000 or $100,000 by the end of the year, eToro analyst Simon Peters claimed on June 26.
According to Peters, it took 7 to 14 days for BTC to reach the record figure of $20,000 when it was last at $11,800.
He cautioned 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 analyst went on to note that BTC’s gains are at the expense of altcoins, some of which are being “pummeled” as they languish at significant lows.
Bitcoin’s parabolic advance continued past $12,000 on June 26 — the first time the cryptocurrency has hit this figure in over a year.
Data from CoinMarketCap also suggests BTC has surpassed 60% market dominance for the first time since April 2017, with a capitalization of $226 billion.
via cointelgraph.com
