Bitcoin Eyes $30,000 After Hitting Another Record High

by
Mark Stevenson
My articles My booksMy videos
Follow on:

The largest cryptocurrency by market capitalization, Bitcoin (BTC), for the first time in history, rallied above the $29,000 mark.

On Wednesday, December 30, BTC price surpassed $28,500, afterward, it declined to around $27,300. However, in less than 12 hours, the bulls pushed Bitcoin price to new record highs. The price surged to $29,010, after which it corrected again.

At around 10:05 GMT, however, the BTC/USD pair was trading at $29,115 on the Bitstamp exchange.

Several events could be the catalyst for the rally, including the announcement that VanEck has filled for a new application for the launch of a Bitcoin exchange traded fund (ETF) in the US. It was also reported that Nasdaq listed GreenPro Capital is set to invest $100 million in Bitcoin.

What is more, some experts believe that retail investors are contributing to Bitcoin’s December growth.

Bitcoin would break above $30,000

According to Michaël van de Poppe, an independent market analyst, Bitcoin’s $27,000–27,500 support area would trigger another upside run towards $30,000 and beyond.

#Bitcoin broke the crucial trigger between $27,000-27,500 and continued its rally towards a new all-time high.

If $27,000-27,500 sustains support, continuation is likely towards $30,000 and perhaps $32,800.

Losing $27,000 and correction is imminent. pic.twitter.com/FfpoMdXvn6

— Michaël van de Poppe (@CryptoMichNL) December 30, 2020

Moreover, Alex Kruger, a popular economist, and trader believe the next target is $30,000. This is not only a psychological barrier but also a Fibonacci projection level.

When an asset is trading all time highs there are no reference points from past trading history to use as levels. In that case, traders look at key round numbers and fibonnaci extensions. The $BTC levels traders are looking at now are: 30K (round number and fib) and 36K (fib). pic.twitter.com/Omtt6wzlXK

— Alex Krüger (@krugermacro) December 27, 2020

Meanwhile, Ton Weiss, a former analyst at JPMorgan Chase Investment Bank, said that in 2021, the price of 1 bitcoin will be between $200,000 and $300,000, and may actually be higher.

" A 100k #bitcoin in the near future overly conservative, the price target expectation for 2021 is on track for 200k to 300k USD….and it actually might go higher" ??

— @woonomic on @ToneVays Youtube

? https://t.co/hp2ssD6Fpe pic.twitter.com/ztLrWEW2S0

— Bitcoin Meme Hub ? (@BitcoinMemeHub) December 26, 2020

Weiss added that he considers the forecast for Bitcoin to rise to $100,000 in the near future “overly conservative.”

The analyst called the daily Bitcoin price chart optimistic and said that the first cryptocurrency is preparing for another jump, which could raise the price to new historical highs.

Earlier, the head of the analytical service CryptoQuant Ki Yong-Joo said that institutional investors would push the price of Bitcoin to new heights. This will be facilitated by a decrease in selling pressure from miners and other large players.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity Blog, 2020. | Permalink | No comment | Add to

Better Feed from Ozh