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According to eToro analysts Simon Peters and David Derhy, Bitcoin is on track to set a new all-time high before the end of the year.
The bullish forecast comes at a time when Bitcoin is trading at $ 13,400 after clearing some key resistance levels over the past week.
Peters admits that while there is a possibility of Bitcoin plunging back to the $ 12,000 level, investors “shouldn’t be worried” as consolidation in this area would add weight to the bullish narrative.
Evaluating why Bitcoin has recently recovered, Peters added: “Notably PayPal announcing that it will allow its users to pay for goods and services in cryptocurrencies.
“This positive development was compounded by a discussion earlier this week on the IMF’s cross-border payments panel, in which Federal Reserve Chairman Jerome Powell reiterated that a US CBDC continues to be on the radar, also opening takes her to private companies to get involved in the business. “
TradingView BTCUSD chart
Bitcoin’s recent run has been remarkable, but that doesn’t mean it lacks substance, with fundamental factors occurring before the potential first bull market since 2017.
Derhy continued: “The current run could simply go as high as $ 14,000. In that case, the next level technically and fundamentally would be $ 20,000.
“With the US elections coming next month, there will be further economic stimulus from the government even though the size of that stimulus is still under discussion. I am of the opinion that we will not see a drop below $ 12,000 for a while.
“With the reduced volatility we are seeing, institutional investors are increasingly interested in buying bitcoin. Combine this with the string of listed companies also looking to add bitcoin to their balance sheets, and the springboard for bitcoin prices continues to look very positive.
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