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October 3, 2022
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Bitcoin: next target is the $ 25,000 mark

According to eToro analyst Simon Peters, after reaching $ 23,000, the next milestone for the bitcoin price is $ 25,000.

In fact, Peters himself had already speculated in early December that this could be the price limit that could be reached during this hike, and now he confirms that the short-term assumption remains the same.

However, he warns investors that the path could be bumpy.

While the $ 25,000 mark remains an important short-term goal, there may be some downturns and corrections along the way for Bitcoin.

Peters believes that a drop to as low as $ 14,000 or $ 13,000 is possible, but unlikely, and after breaking 2017 highs above $ 20,000, this level could work as a support if a setback occurs.

Some investors are taking advantage of the opportunity offered by this week’s hikes to make profits, with up to 27% more bitcoin positions closed than opened on December 16, for example.

Thus, the scenario in which those who bought at lower prices may decide to monetize their earnings immediately remains plausible in the short term.

However, several investors are recognizing that despite this week’s rapid price increase, bitcoin’s true potential could be revealed in the long run, perhaps prompting them to keep bitcoin in their portfolios for months, if not years. According to Peters, this idea may be further consolidated over the course of 2021.

Bitcoin has caught the world’s attention in recent days thanks to its rapid and powerful increase in value, reaching new highs around the $ 23,000 level, where it currently stands.

Bitcoin to the moon

This is an important milestone, which has been in development for almost three years and could usher in an upward spiral that, according to Peters, could bring the price to $ 70,000 or even $ 90,000 by Christmas next year.

In fact, demand continues to outstrip supply and institutional investors continue to seek greater exposure to bitcoin to protect themselves against inflation. These two factors helped to keep the price above $ 20,000 and, if this trend continues in the coming months, prices could rise further.

Source: cryptonomist

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