Bitcoin (BTC) hit $ 40,000 on January 7, marking the last major psychological milestone for cryptocurrency bulls.

BTC Reward Destroys $ 30,000 Passport In Record Time
Data from Cointelegraph Markets and TradingView confirmed that the bitcoin / dollar pair hit sensational new highs during Thursday’s trading, resulting in over 40% weekly gains.

This is just one of Bitcoin’s various accomplishments this year: The largest cryptocurrency hit a bearish retracement forecast after a rapid rally in the last 24 hours.

As reported by Cointelegraph, Bitcoin’s NVT conditions have led to signals that the bullish trend is not over and is likely just beginning.

According to Cointelegraph Markets analyst Michael Van de Pope:

“The markets are doing well and this is where the bullish cycle begins. This means that the market is likely to continue to work hard in the coming year. Be prepared to correct the reference 20-30%, they happen and these are opportunities. ”
“Less than a month after Bitcoin hacked over $ 20,000, the price doubled to $ 40,000. It is hard to deny now that we are witnessing the formation of a new asset class, and this could be the “broadband moment” for cryptocurrencies. – where they should be. Every business and every individual thinks seriously about how they interact and interact with cryptocurrencies, ”said La Sui Chung, CEO of CF Benchmarks, a provider of FCA regulated indicators used by CME.

Barry Silbert, who until today was Grayscale’s CEO and asset manager, summarized:

“It’s funny to think that a $ 20,000 correction in bitcoin would look like a buying opportunity of a lifetime.”
Meanwhile, news of Bitcoin’s success has spread beyond cryptocurrency circles, making it the focus of the attention of financial figures including Holger Zshaepitz, a popular financial commentator and regular contributor to the German newsletter Die Welt.

Matt Greenspan of Quantum Economics suggested that:

“The maps just tell us the past and we are in a whole new field. This trend started at $ 10,000 and is 10 times higher. Previous record highs seem to be the benchmark for the Bitcoin rally. So when we approach the middle of the road with extreme speed values, noticeable volume. With unusual fundamentals, I see this as a stopover towards the bitcoin price, which could be around $ 100,000. ”
On the other hand, David Lifshitz, CIO for ExoAlpha, issued a warning. He argued that bitcoin was growing too fast and sparked memories of the dot-com boom.

“The concern is not that BTC is growing, but the speed (the rate at which it goes …) worries … in the bubble area, of course, but history has shown that“ the markets can remain irrational further, ”he said. Cointelegraph in private comments. ”

“At the end of 1999, everyone was confident that we were at the top, but the tech bubble lasted for another three months and continued to rise until it finally got big.”
Altcoins will surpass Bitcoin growth in 2021
So far, BTC / USD has generated income that only surpasses some altcoins. Ether (ETH) is currently up 62% this year and Stellar (XLM) is up 150%. As a result, the Bitcoin Dominance Index fell below 70%.

When it comes to Ether, high levels are still close, and some analysts believe the higher altcoin could rise to $ 2,600 in the short term.

Source: CoinTelegraph

LEAVE A REPLY