Market Analyst Simon Peters from eToro claimed Bitcoin value could rise to $20,000 in the next two weeks. It could even reach a $50,000 or $100,000 this year, according to him.
Bitcoin has been steadily gaining the ground it lost on 17th December 2017 when it hit $20,000 for the first time. It recently broke the $12,500 mark before falling to $11,000. The crypto has seen a rise after a 10 month strengthening period. Many in the industry claim that, unlike the last time, the crypto currency will not crash.
The prediction is based on the fact that Bitcoin took 7-14 days to jump from $11,800 to $20,000 in 2017. However, he qualified his statement by saying that this prediction is based on the assumption that Bitcoin maintains its current parabolic trajectory.
Unlike previous surges, the current trend has not been accompanied by an upswing in Google searches of “how to buy Bitcoin?” This, Peters says, shows that the current investors are not new crypto users but long-term investors who had significant investment in altcoins or stablecoins.
As Peters puts it –
“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.”
It is not good news for all crypto, however, as the recent rise of Bitcoin is showing a proportionally inverse trend for altcoins. Most are exchanging altcoins for Bitcoin, causing a resulting crash in altcoin price.
Bitcoin has been on a parabolic rise since its record high of $20,000 in 2017. It was followed by a significant fall to $8000 and finally settled at $3800. It has been slowly climbing the charts in the familiar parabolic trend that all investors look for. This was preceded by a 10 month strengthening period where the crypto consolidated its position. These two trends make predicting it’s possible rise very likely, inviting a greater number of investors.
Bitcoin is currently the most popular crypto currency with 60% of the total crypto market share. Its total market value is estimated to be $226 billion. In the last 24 hours Bitcoin has recorded over $1 billion in trade volume. This is 36% of the total crypto currency trade volume. The closest competitor is Ethereum at $152 million trade volume in the last 24 hours. This is only 5% of the total crypto currency trade volume. Bitcoin dominates the market and is only going to increase in the future. At least, according to eToro Analyst Simon Peters. Our suggestion is to move some altcoin tokens into Bitcoin to ride this Bitcoin wave to profits!