According to eToro analyst Simon Peters, Bitcoin (BTC) price could hit it’s 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.
He said that it took 7 to 14 days for BTC to reach the record figure of $20,000 when it was last at $11,800.
Peters warned that his short-term prediction is based on the assumption that bitcoin maintains its current parabolic trajectory.
Peters is of the opinion that this rally is different from past surges because it has never been accompanied by a spike in Google searches for “buy bitcoin”. He revealed 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.”
Peters never forgot to add that BTC’s gains are at the expense of altcoins with BTC grabbing more than 65 percent of the total market cap of cryptocurrencies with a capitalization of $226 billion.
Bitcoin price is past $12,600 as at press time making it the cryptocurrencies all time high point this year.