The dynamic in progress on the value of Bitcoin is positive but a new historical record in the short term is almost utopian
The debate among analysts continues on what are the Bitcoin forecasts in the medium term. While yesterday we gave space to the opinions of those who believe a rally to new historical highs (over 65 thousand dollars) is inevitable, today we will analyze the point of view of those who prefer a more prudent approach. The group of the latter also includes the analyst of the broker eToro Simon Peters.
According to the cryptocurrency expert, it is very likely that the Bitcoin price may reach new ATH (acronym for All-Time High or historical maximum) but it is by no means certain that this will happen soon.
Analyzing the price trend, Peters urged investors not to be misled by the narrow distance that currently exists between theATH of Bitcoin and those that are the current cryptocurrency quotes. In fact, just $ 9,000 separate the two levels. While acknowledging that cryptocurrencies have often experienced rapid and unexpected leaps forward, expecting Bitcoin to price over $ 65,000 (new ATH) in the short term is pure utopia.
Hence the exhortation that Peters addressed to investors: it is preferable not to fossilize on questions such as how and when Bitcoin will reach the new historical record and to turn one’s attention to the long term.
What the analyst therefore solicits is a change of perspective on Bitcoin with the transition from short-term strategies (conditioned by the obsession for when the value of BTC will reach the new ATH) to strategies that are instead set more on the long term.
This step is not a problem for those who trade Bitcoin online with the eToro platform. The social trading broker, in fact, allows you to speculate both in the long term and in the short term from the same platform. Not only. eToro also allows you to copy the strategies of the best Bitcoin traders through the Copy Trader tool. This feature can be very useful especially for novice investors.
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Current Bitcoin cycle equal to 2013?
A typical mistake of those who get carried away by the obsession for the achievement of new historical records, is to ignore the cycles. Those who think in this way tend to unhook the trend of Bitcoin from what its theoretician is. By acting with this approach (among other things reductive) we lose the opportunity to identify analogies with the past that can help to understand what the future will be like.
According to Peters, the current cycle of Bitcoin is very similar to that of 2013. Today, the analyst said, there is a tightening of the supply with the BTC that is exiting the exchanges. A rally beyond the all-time high this month or early November at the latest, Peters continued, would be “in line with the 2013 cycle scheme, but we cannot be sure“.
More in the short term, Peters sees some resistance in the $ 58,000 to $ 60,000 area. Furthermore, the analyst does not exclude that there may also be a pull-back before the upside.
All these indications can be exploited to invest in Bitcoin. However, it is essential to choose brokers who offer advanced tools that may be able to make a difference. An example is represented by eToro which offers the free demo of 100 thousand euros with which learn how to sell and buy Bitcoins without running the risk of losing real money.
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Feedback to Peters’ forecast on the Bitcoin trend in the short term can be obtained by analyzing the current performance of the cryptocurrency ragina.
In fact, on Monday the price of Bitcoin pushed to $ 57,500. The rally was then contained by the resistance placed at 58,000 dollars. Interestingly, prices did not even reach this level before retracing. On Tuesday, prices fell below $ 57,000 to $ 53,800. The prices subsequently recovered. Currently, the price of Bitcoin is just over 57 thousand. A limbo situation that could evolve in both directions: both upwards and downwards.
From a certain point of view, precisely the movements in a very narrow price range fomented that obsession with new all-time highs that Peters highlighted in his report.
However, as pointed out by the analyst, the possibility of investing in the long term (here the official eToro website) can be an opportunity to broaden one’s horizons on cryptocurrency.
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