According to Peters, it took 7 to 14 days for BTC to reach the record figure of $20,000 when it was last at $11,800.
He cautioned that his short-term prediction is based on the assumption that bitcoin maintains its current parabolic trajectory.
Peters believes this rally is different from past surges because it hasn’t been accompanied by a spike in Google searches for “buy bitcoin” — indicating that the capital entering the market is coming from institutions and investors who had previously parked their funds in stablecoins.
On whether the surge is sustainable, Peters added:
“With the number of sell positions building in the market it’s possible we could see a correction very soon. Even if that was the case though, bitcoin continues to remain on track to close out the first half of the year on a highly positive note. We could see bitcoin reaching $50,000 or even $100,000 this year.”
The analyst went on to note that BTC’s gains are at the expense of altcoins, some of which are being “pummeled” as they languish at significant lows.