Bitcoin recorded another milestone last week, making its all-time high candle close. Analysts and Bitcoin investors expect the rally to continue to reach six-digit prices until the end of 2021, after the new peak price above $ 19,800.
Bitcoin (BTC) rose again to $ 19,400 after falling to the $ 18,000 zone in the first week of December 2020. Bitcoin, the leading cryptocurrency, seems to have created a channel in this range as it failed to overcome the $ 20,000 barrier, which is considered psychological resistance.
Latest Situation in the Bitcoin Rally
Despite the correction and profit sales, the rise on the daily chart of Bitcoin (BTC) has observed its highest weekly candlestick closing, continuing since August 2020. Having reached its all-time high of $ 19,880 on the morning of December 1, 2020, BTC has managed to stay above $ 18,600 despite corrections since then.
BTC, which managed to stay above $ 19,000 in just 4 days in the 2017 rally, faced big sales after its former peak of $ 19,650 and declined rapidly. In the 2020 rally, despite sales, it continued to make $ 19,000 for more than a week as of November 24.
High Expectations of Investors
Dan Tapiero, co-founder and macro investor of 10T Holdings, made several comments on Bitcoin’s massive rally after the markets collapse caused by the Covid-19 pandemic. He also added that this price increase will reach six-digit levels next year and beyond:
“It’s really surprising to think that just 9 months ago Bitcoin was around $ 4,000. There has been a rally that has increased by almost 500% since then. This rally to a 500% increase brings us closer to BTC’s $ 100,000 target. Don’t assume that this goal could be in nine months, it would just be doing the same thing that was done in the last nine months. ”
With Bitcoin, the popularity of the cryptocurrency ecosystem on social media is increasing day by day. Cameron Winklevoss, the founder of Winklevoss and a major cryptocurrency investor, announced on Twitter on December 6th:
“I still ask even highly sophisticated investors how they measure Bitcoin’s value. The answer is obvious: supply and demand. So much. And we know the supply is fixed at 21 million, so it really depends on demand. ”
A six-figure rally in the next 12 months looks a bit tough, but if BTC can break the $ 20,000 psychological barrier, it could easily bounce 50% or faster in a short time.
Bitcoin Price Latest Status
Tradingview.comAccording to the cryptocurrency’s total market cap increased by nearly $ 20 billion over the weekend to $ 565 Billion. Since January 2018, it has been hovering around its highest level, but as altcoins are underperforming, the total market cap of the coin appears to be approximately 47% further away from the $ 830 billion peak.
Bitcoin (BTC), which fell as low as $ 18,600 as of today (December 18), rose again to $ 19,000. Although it is too early to say the rally is over,
Although Bitcoin’s $ 100,000 target seems very high for now, it is not an impossible target to reach when looking at percentage price changes. Considering the recent rise and the limited supply, we can see Bitcoin’s level of $ 100,000 and even above in the coming years.
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