Altcoin News: eToro Analyst: Bitcoin Can Grow to $20,000 in Two Weeks and up to $100,000 by the End of the Year

June 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Simon Peters, an analyst on the eToro trading platform, believes that the price of Bitcoin is able to return to its historic high of about $20,000 over the next two weeks and rise to the range of $50,000 — $100,000 by the end of the year.

Peters observed that over the short period of time, the course was able to spike from $11,800 to $20,000. In his forecast, however, he makes an important remark: the achievement of these levels within a specified time frame is possible only if the parabolic trajectory remains.

The analyst believes that the current rally is different from examples from the past since it is not accompanied by an increase in 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 stablecoins.

Commenting on the likelihood of a long rise, Peters said:

“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.”

He also notes that in order to ensure the growth of Bitcoin, altcoins were sacrificed, some of which “hang out” at very low levels.

At the time of publication, Bitcoin continues its rally and currently trade around $13,440, after it reached a local peak at $13,000 this morning.

Author: Marko Vidrih