The price of Bitcoin has continued to increase at a staggering pace. Bitcoin has now erupted past $13,000, just hours after Bitcoin first broke the $12,000 line. Furthermore, a market analyst is now claiming that Bitcoin will reach $20,000 – within two weeks.
Will we see Bitcoin trading at $20,000 in two weeks?
At the time of writing, Bitcoin is trading at a price of $13,430. This represents an impressive continuation of today’s Bitcoin rally all on its own, but one market analyst predicts that Bitcoin could even reach $20,000 in as little as two weeks.
This bold prediction comes from the eToro market analyst Simon Peters. What’s more, Peters is basing his extraordinary claims on historical data. Specifically, Peters notes that it took Bitcoin 7 to 14 days before it reached its all-time high of $20,000 after first reaching $11,800.
As anyone keeping an eye on the markets will know, Bitcoin has now comfortably blown past $11,800. Peters highlights that his prediction is based on the assumption that Bitcoin will maintain its current parabolic advance.
However, Peters’ predictions do not stop at a $20,000 Bitcoin price within two weeks. Rather, Peters is also guiding for a Bitcoin price of $50,000 or even $100,000 by the end of this year. This is in line with other recent price predictions which peg Bitcoin at exceeding $60,000 in 2019.
Google searches for “buy Bitcoin” have supposedly not yet begun to spike
With that said, however, Peters is also noting that he does not believe the “real” Bitcoin surge has begun yet. Peters points towards the fact that Google searches for “buy Bitcoin” have not yet begun to spike.
As such, Peters argues that the spike in the price of Bitcoin is primarily due to an influx of institutional capital. Consequently, some worry that this sudden surge might be unsustainable. In response to that, Peters explains his reasoning:
“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.“
Moreover, Peters also suggests that this rise in the price of Bitcoin comes at the expense of altcoins. This could certainly be true, as Bitcoin’s price has significantly outperformed other major cryptos this past week. Nonetheless, it remains to see whether Bitcoin could truly reach $20,000 within the two coming weeks.
Image Source: Forbes
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.