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Bitcoin Sets New All-Time High Above $35,000 – What Is Next?

January 6, 2021 at 20:43 by Mark Stevenson

The price of the leading cryptocurrency has once again recorded a new all-time high (ATH). Bitcoin (BTC) price has consolidated above $35,000. At around 19:29 GMT, the flagship cryptocurrency was trading at around $35,815 on Bitstamp.

According to CoinMarketCap, digital gold has a market cap of $663.9 billion.

Several Twitter users have expressed undisguised joy in the marketplace. Some recalled the famous Bitcoin critic Peter Schiff.

With no end to the Bitcoin bull run, crypto traders are wondering—what is next for Bitcoin price?

What’s next for Bitcoin price?

Sonny Singh, the chief commercial officer of BitPay, a major US Bitcoin payment company, shared his views on the price of BTC in a recent interview with Bloomberg.

According to Singh, Bitcoin could rise to $45,000 by next month since many companies and institutional investors who bought 1 bitcoin for around $20,000 are likely to sell at a price range that has more than doubled.

All those buyers that bought in, they said ‘Oh were into Bitcoin now for a three to five year time horizon,’ which is great, but I think if Bitcoin hits $45,000 next month or so, they’re going to say, ‘wow we just made 2x, you know, we don’t need that three year horizon anymore, let’s start selling some.

The Bitpay CCO believes that if BTC sale continues, there may be selling pressure that has never been seen in the past. Singh, however, expects that the price of one bitcoin will not fall below the $20,000 level.

Then you start seeing selling pressure of $200 million sell orders come in, which the industry has never seen before […]That could cause a catapulting event to cause things to start going down pretty quickly and could see it go down from 45 to 40 to 35 down to 30 or things like that, but I think the floor would be $20,000.

Meanwhile, JPMorgan Chase analyst Nikolaos Panigirtzoglou predicts that BTC prices will continue to rise in the short term and may reach $50,000 to $100,000.

Related: Bitcoin Price May Reach $40,000 in 2021: Bloomberg Analyst Says

As Michael Saylor, CEO of MicroStrategy, which owns 70,470 BTC, previously said, “The longer the time frame, the more suitable Bitcoin is as an investment destination.”

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

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