According to Simon Peters analyst, after reaching $23,000, the next target for bitcoin’s price is $25,000.
In fact, Peters himself had already speculated at the beginning of December that this could be the price threshold that could be reached during this rally, and now he confirms that the hypothesis on the short term remains the same.
However he warns investors because he suggests that the path could be bumpy.
In fact while $25,000 remains as an important short-term target, there could be dips and corrections along the way.
Peters believes a drop to as low as $14,000 or $13,000 is possible, though unlikely, although after breaking 2017 highs above $20,000 this level could act as support in the event of a retracement.
Some investors are taking the opportunity offered by this week’s increases to profit, so much so that on December 16, for example, there were even 27% more closed bitcoin positions than open positions.
The scenario in which those who bought at lower prices might decide to monetize their gains immediately therefore remains plausible, in the short term.
However, a number of investors are recognizing that despite this week’s rapid price increase, bitcoin’s true potential may reveal itself over the long term, such that it may lead them to perhaps hold bitcoin in their portfolios for months, if not years. According to Peters, this idea over the course of 2021 could become even more consolidated.
So on one hand Bitcoin has attracted the attention of the whole world in these days thanks to its fast and powerful increase in value, recording new all-time highs around the level of $ 23,000, where for now it remains.
Bitcoin well over $25,000
An important goal, in preparation for about three years, but on the other hand it could mark the beginning of an upward race 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 more exposure to bitcoin to hedge against inflation. These two factors have helped keep the price above $20,000, and if this trend continues in the months ahead, prices could climb even higher.