Bitcoin Price of $100K is Within Reach in 2019, Likely to See $20,000 Within Next Two Weeks: Senior Analyst
For investors in major cryptocurrencies, this month has seen some of the most febrile activity and best performance from the likes of Ethereum and Bitcoin for a long time. Just where will this ongoing bullish trend take Bitcoin in the near future?
For Simon Peters – who works as an analyst for the online trading platform eToro – it could easily match and break past its all-time high valuation of $20,000 within as short a window as two weeks.
After this, he is very much of the opinion that it could hit $50,000 and even $100,000 by the end of this year. This is according to a claim made by Peters this week.
According to him, having seen that BTC managed to reach the current stellar performance at $11,800 this week, it is very possible that Bitcoin could reach and even break its peak figure of $20,000.
While he was hawkish on the prospects ahead of Bitcoin, he did provide caution regarding the fact that his predictions are based more on the current assumption that Bitcoin will be able to continue on this current trajectory.
While some investors and crypto enthusiasts remain hesitant at the prospects of this rally going forward; having seen past surges rise and deflate. But Peters is very much of the opinion that this ongoing rally is wholly different when looking at it side by side with previous surges in the market.
One of the examples he provides is the fact that it hasn't been accompanied by previous increases in consumer-base investment, as was the case with the bullish year of 2017. We can attest to this on account of the side-ways trending of google searches for ‘Buy Bitcoin' – which gives the indication that investment isn't coming from grassroots consumers, but far more from over the counter investment as well as institutional investors that have pulled their capital out of Stablecoins and right into BTC.
Going even further, when questioned on whether or not the ongoing surge is sustainable, Peters gave the following statement.
“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.”
Going on from this, Peters went on to highlight that the current gains that BTC was experiencing were at the expense of Altcoins; the latter of which serves most commonly as a hedge during times of bad performance from major coins. These same altcoins are currently being “pummeled” as they continue to languish at respective low points.
In stark contrast, Bitcoin has been demonstrating an inspiring parabolic advance, pushing it past $12,000 as of June 26th – the first time that it has managed to do so over the course of a year.
Going even further, the most recent data taken from CoinMarketCap has shown that Bitcoin has successfully managed to pass beyond the 60 percent range in market dominance for the first time in over two years – featuring a total market capitalization of more than $226 billion.