With this rapid move, some have begun to suggest that $20,000 – the crypto asset’s all-time high established in December 2017 – is coming into Bitcoin’s scopes once again.
In a recent comment given to the revived trade publication CCN, Simon Peters of eToro, a cryptocurrency-friendly brokerage, expressed that $20,000 is coming into view. He claimed that if BTC manages to “maintain its current parabolic trajectory”, which this outlet mentioned in a previous report, it could reach the aforementioned auspicious price point “within the next 7 to 14 days.”
Bitcoin has been an absolute tear as of late. Ever since it hit $10,000, the cryptocurrency has been almost unstoppable, rallying to $13,200 as of the time of writing this after peaking at $13,800 earlier today.
Peters gives two reasons for this analysis. Firstly, the last time BTC was at $11,800, it took around one to two weeks for the cryptocurrency to hit $20,000 from there, which was an upward move catalyzed by retail FOMO. And secondly and more importantly, Facebook’s Libra project has imbued this space with a new sense of validity, which should lead to price appreciation with time.