Following the announcement of Facebook diving into the world of cryptoassets with its own virtual currency, Libra, eToro analyst Simon Peters has predicted the value of Bitcoin could soar to $50,000 “or even $100,000” this year.

According to Peters, the world’s largest cryptocurrency by market cap, could reach the all-time high of $20,000 within the next 7 to 14 days, if its price maintains its current parabolic trajectory, “partly stoked by Facebook’s foray” into virtual currencies.

“What’s interesting about this rally is that it doesn't seem to be fuelled as heavily by new retail investors as previous rallies to all-time highs. Looking at historic Google trends data, the search terms for 'Buy Bitcoin' have typically spiked with the price as new retail investors jumped on the train.

“The fact that trends data hasn't spiked with price on this occasion suggests that new capital is instead coming from institutions, which bodes well for the long term, as well as money from investors who had previously parked their funds in stablecoins such as Tether,” he added.

Questioning whether the current surge is sustainable, Peters noted that while the number of sell positions in the market is building, it’s possible that the currency could “see a correction very soon”.

However, he highlighted that, even if that were the case, Bitcoin continues to remain on track to close out the first half of 2019 on a “highly positive note”. “We could see Bitcoin reaching $50,000 or even $100,000 this year,” Peters forecast.

Despite this, the eToro analyst stated that Altcoins are getting “pummelled” with some trading at significant lows. “If we do see a clear reversal in the trend of Bitcoin and the price starts to correct, we could start seeing some of that Bitcoin being exchanged into Alts and other Stablecoins,” he concluded.

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