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Bitcoin Eyes $30,000 After Hitting Another Record High

December 31, 2020 at 10:53 by Mark Stevenson

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.

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.

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.

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.

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