Bitcoin will likely rise to above $10,000 before the halving in 12 days, according to eToro analyst Simon Peters.

The world’s largest cryptocurrency enjoyed one of its best days of the year on Wednesday as it dramatically surged from $7,700 to $9,500 before finding pressure to the sell side.

At the time of writing it is consolidating around the $8,830 level of support, although it’s predicted to rise by another 20% before the halving event in May.

“While the halving itself was always likely to drive the price up, the bitcoin bulls have decided not to wait around and are positioning themselves well ahead of time.” Simon Peters said.

“With 12 days to go until the halving there is a frenzy of activity among bullish investors and the price is already racing higher, having shot up more than 20% in the last 36 hours.”

Peters goes on to comment on the number of market participants hitting a new high as the halving edges closer, which is one of the main reasons why he believes it will break $10,000 in the coming weeks.

“The number of actual participants in the market is also hitting new highs amid the expectation that this halving event will play out like the last one and push the price up sharply. With these tailwinds in place, we think it is likely the price will go above $10,000 before the halving actually takes place.

“As for how high it can go longer term, amid the deteriorating economic outlook for the US economy and the likelihood of an ever increasing monetary supply, which weakens the US dollar and stokes inflation fears, we believe it could easily test previous highs above $19,000 as investors look for safe havens away from traditional assets.”

Interestingly from a macro perspective Bitcoin sold-off at the exact diagonal trendline that dates back to the 2017 all-time high.

A break above this level, which is at $9,600, will likely act as a catalyst for a bull market and a potential charge to a new all-time high.

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