By CCN Markets: The price of bitcoin has broken through the $9,000 mark and seems well on its way to $10,000, but brokerage firm eToro believes that there’s a pullback in the cards before the cryptocurrency enjoys its next bullish run.
Simon Peters, an analyst at the multi-asset investment platform eToro, has warned investors to be prepared for a price crash before the next bullish run in bitcoin prices. In an email to CCN, Peters wrote:
“Breaking $9,000 is another significant price moment for Bitcoin, but I’m still not sold on the idea that it’s up, up, up from here. We’re due a significant correction still and prices could fall back to as low as $6,500 before the next major rise. That said, you can’t ignore the continuing price surge we’ve seen this year, and $10k is now firmly in sight.”
A Short-Term Hiccup Won’t Derail the Bitcoin Price Rally
Peters is erring on the side of caution as far as his short-term bitcoin price forecast is concerned. So if you’re betting on a continuous spike in the price of the digital currency, you might be in for a surprise.
Investors might consider booking profits they have made this year in light of the sharp increase in the price of bitcoin this year. But that won’t change the long-term narrative as there are quite a few catalysts that will play in bitcoin’s favor and send the asset higher.