eToro market analyst Simon Peters predicts that Bitcoin will continue its bull market before reaching between $70,000 and $90,000 before the end of the year.
Peters stated that despite Bitcoin’s recent correction from $41,000 to $34,000, it remains in a healthy position from a macro perspective.
“The start of 2021 has been nothing short of extraordinary.” Peters added. “The steady rise in the second half of 2020 made it very likely that we’d reach a new all-time high by the new year, but the price action since then has been phenomenal.”
He added: “Despite the dip yesterday, where bitcoin fell from $41,000 to $34,000, we are still in a healthy position. Not only are we continuing to see institutional investment, but bitcoin being held on exchanges is decreasing as investors move their tokens to wallets, with Glassnode data showing an increasing level of illiquid bitcoin as more and more investors ‘hodl’.”
At the time of writing Bitcoin is trading at $33,710 following a period of downside continuation this morning, although it has not yet tested the level of support at $29,750.
All eyes are currently on the Dollar index (DXY) this week as it has surged by 1.5% from February 18’s low of 89.25 since Thursday.
However, Peters notes that whilst there may be “bumps along the way” he still believes Bitcoin can “look to the $70,000-90,000 range as a price target for the end of 2021.”
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