According to eToro crypto analyst Simon Peters, Bitcoin’s price may reach a new all-time high, but not anytime soon.
BTC reached an all-time high price of about $65,000 on April 14 of this year, and the current price of around $55,000 is not far behind.
Expecting Bitcoin’s price to hit $65,000 anytime soon, according to Peters, would be insane.
Peters stated: “Bitcoin’s current cycle appears to be playing out similarly to the 2013 cycle. A supply squeeze is underway and BTC is draining off exchanges. A move past ATH this month and or early November would be in line with the pattern of the 2013 cycle, but we can’t be sure”.
However, the analyst considers focusing on the issue of Bitcoin’s new ATH to be “short-sighted,” and advocates instead focusing on the long term.
In this sense, he has said: In this sense, he declares: “We should see prices increase and eventually a new ATH will come. In the short term we could see some resistance at the $58,000-60,000 level, and potentially a pull-back to boot”.
Already on Monday, the price of BTC reached $57,800 before being rejected by the $58,000 resistance. It fell below $57,000 yesterday, momentarily touching $53,800. It is currently trading between $54,000 and $55,000 and could be poised for a rebound or a further decline.
According to Peters, the last seven months have been dominated by so-called “HODling,” which is the practise of keeping open positions on BTC until the end, without selling even during strong drops.
According to Glassnode, more than 2.37 million BTC have been transferred from short-term to long-term holders during this time, with a cash value of almost $130 billion at current rates.
“Ultimately investors in crypto should focus on the long-term benefits and use cases of the tokens. Focusing on short-term price movements is a highly risky approach for anyone to take”, Simon Peters said.