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Bitcoin at $58,000: new all-time high
Bitcoin at $58,000: new all-time high
Bitcoin

Bitcoin at $58,000: new all-time high

By Marco Cavicchioli - 22 Feb 2021

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Yesterday, the price of Bitcoin hit a new all-time high, reaching a value of over $58,000.

According to CoinMarketCap, BTC reached $58,330, while according to CoinGecko it reached as high as $58,640. Today, however, it fell below $57,000

In the last two months, the all-time price record has already been broken several times, so it would not be absurd to imagine that by the end of the month yesterday’s record could also be broken. 

After approaching the previous record in early December, a bull run began on December 17th, 2020, which is still in progress and has literally demolished the previous records. 

Until December 2020, the record was around $20,000, which had been set exactly three years earlier in December 2017. 

Once that barrier was broken, the price literally exploded, reaching $28,000 at the end of the year, and then shot up to over $40,000 in the first half of January, returning to $30,000, and then resuming the journey towards $48,000 in mid-February, $52,000 on February 18th, and $58,000 yesterday. 

That’s an increase of more than 190% in less than three months and 107% since the beginning of the year. So far, February alone is up 70%.

Bitcoin predictions after hitting a new all-time high

After such rapid and substantial growth, however, one might also expect a pause or even a correction. The current bitcoin price territory is completely uncharted, so it is very difficult to make predictions. 

No wonder there are conflicting views on the short term, with much uncertainty and the odds that either the bull-run will continue or stop. 

In the medium term, however, there is at least one clear prediction: that of eToro analyst Simon Peters, who claims that the price of bitcoin could actually rise further over time, and find its “new normal” at around $70,000. 

Again, this is not an opinion shared by all analysts, but while in the short term there is to all intents and purposes only a great deal of confusion, in the medium term some have clearer ideas, and Peters is a bullish case in point. 

It is worth remembering that Peters himself was one of the few analysts who predicted a large breach of the $20,000 mark by the end of 2020, while many other analysts were saying that the high might be $20,000, or that the price would actually fall in December.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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