EToro trading platform analyst Simon Peters believes that the price of bitcoin is able to return to its historical maximum of about $20,000 over the next two weeks and rise in the range of $50,000 - $100,000 by the end of the year.
Peters observed that in a similar short period of time the rate could grow from $11,800 to $20,000 the previous time. In his forecast, however, he makes an important note: the achievement of these levels for the specified period is possible only if the parabolic trajectory is maintained.
The analyst believes that the current rally is different from the examples from the past, as it is not accompanied by the growth of 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 the stablecoin.
Commenting on the probability of a long rise, Peters said: "If we take into account the growth of the volume of positions for sale, very soon we can see a correction. But even if this happens, bitcoin remains in a position that will be able to 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 had to be sacrificed, some of which "hang out" at very low levels.
What do you think steemians will bitcoin reach 20k this summer and 100k this year? will steem be sacrifice for bitcoin price? or steem will follow bitcoin?