By
Steve Muchoki
April 19th, 2024
Analysts are pretty sure in their claims that Bitcoin prices could match their all-time high of $20,000 within the next two weeks, and, could actually hit $50,000 or $100,000 by the end of the year.
As eToro was always pro-crypto especially when we’re talking Bitcoin, it makes no wonder that their analyst Simon Peters claims that Bitcoin prices could match their all-time high of $20,000 within the next two weeks, and, could actually hit $50,000 or $100,000 by the end of the year.
This doesn’t seem impossible at all if we look at the fact that it took two weeks at most for BTC to reach the record figure of $20,000 when it was last at $11,800 back in 2017. However, Peters warned that his short-term prediction is based on the assumption that Bitcoin maintains its current parabolic trajectory.
He explained that this rally is a bit different from growth that had been happening before because it hasn’t been accompanied by a spike in Google searches for “buy bitcoin”. That means that the capital entering the market is coming from institutions and investors who had previously parked their funds in stablecoins. He 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.”
We also asked his colleague and senior analyst Mati Greenspan about movements in BTC price in the next few weeks.
Exclusively for Coinspeaker Greenspan explained that Bitcoin was always very volatile so it’s extremely difficult to make these type of short term predictions especially in the times when volumes are near their all-time highest levels anything can happen really. We also asked him could the Chicago Mercantile Exchange’s decision to quit Bitcoin Futures trading somehow affect this growth.
Greenspan said:
“Generally speaking, we haven’t seen this to be a major catalyst for price action. These futures are cash settled, so no Bitcoin actually changes hands. Correlation does not equal causation. I’ve yet to see conclusive evidence that these futures have any effect on the price. Very glad to change this view should such research emerge.”
Analyst Adam English from Outsider club agrees that Bitcoin could surge up to $100K. He compared Bitcoin to regular stocks saying that Bitcoin charts are pretty tough to read.
“There is no true intrinsic value. It isn’t a company that can be sold for its parts — equipment, buildings, patents, etc. Nor does it create value, like a company refining raw materials or making widgets or whatever.”
What truly drove prices through the roof last time around, claims English, were liquidity issues. Namely, there was a lot of undisciplined buying interest and nowhere near enough sellers.
Thomas Lee, the popular cryptocurrency commentator and head analyst at Fundstrat Global Advisors said that if Bitcoin comes to the previous all-time record this year, it will have only taken 18-20 months to do so. He made the point that this could mean that the previous parabolic move wasn’t a bubble, as many considered it to be.
Just an observation, but if $BTC re-attains its all-time high this year, it is only 18-20 months from prior high.
When a market re-attains a high so quickly, one could argue the prior high was not a bubble after all.
Hmmmm
— Thomas (Tom) Lee (not the drummer) FSInsight (@fundstrat) June 22, 2019
The truth is, $10,000 was, let’s say, first important psychological barrier for Bitcoin. Many have already argued that if it grows above this price, it could propel the price even higher. Tom Lee also claims that FOMO could take the cryptocurrency’s price to $20,000 within months.
And while we can only wait and see (and do some FOMO ourselves) how the price will develop, the best review of what happened last time Bitcoin was trading at its current levels came from this Bitcoin trader:
Nov 2017 – Dec 2017 $BTC
$8000- $9000: 9 days
$9000-$10000: 2 days
$10000-$11000: 1 day
$11000-$12000: 6 days
$12000-$13000: 17 hours
$13000-$14000: 4 hours
$14000-$15000: 10 hours
$15000-$16000: 5 hours
$16000-$17000: 2 hours
$17000-$18000: 10 minutes
$18000-$19000: 3 minutes— frxresearch 🔶 frx研究 🇨🇳 (@frxresearch) June 22, 2019
The leading cryptocurrency by market value rose to a 17-month high of $12,846 on CoinMarketCap at the time of writing. At that price, the cryptocurrency was up $3,900 from the level of $9,036 seen a week ago.