Bitcoin Price Crosses $4,000 for First Time in Six Weeks

Avi Rosten

Bitcoin (BTC) today extended its mini-bull run, crossing the significant $4,000 mark for the first time since January 9, according to data from CryptoCompare.

bitcoin price

Beginning on Sunday evening (February 17), there has been a market-wide rally, with top altcoins including ETH, XRP and EOS experiencing significant price surges.

With over $15bn added to the total crypto market cap since Sunday, this latest milestone comes amid expectations that bitcoin could record its first monthly green candle for over 6 months.

Cryptocurrency trader Josh Rager argued recently that if BTC manages to stay above $3,413 for the rest of the month, we would see a green candle for February:

Even Litecoin (LTC), which was noticeably absent during yesterday’s initial gains - cooling after impressive an impressive 45% price rise on 8 Feb. - has joined in the rally, climbing over 7% in USD value.

litecoin price

Overall volume across cryptoasset exchanges is almost double what it was during 8 Feb., which marked the first day of the current broad market uptrend. eToro report that a total of $27 billion was traded yesterday versus roughly $14 billion on 8 Feb.

BTC Now Below $8300, but Tom Lee Says ‘2020 Should Be Great for Bitcoin’

Siamak Masnavi

On Thursday (January 23), Thomas Lee, Co-Founder, Managing Partner, and the Head of Research at independent research boutique Fundstrat Global Advisors, while appearing as a guest on CNBC's post-market show "Fast Money", predicted that "2020 Should Be Great for Bitcoin" and explained why.

According to data from CryptoCompare, at press time (around 10:20 UTC on January 24), Bitcoin is trading at $8,273:

BTC-USD 24 Hour Chart on 24 Jan 2020.png

This is the first time that Bitcoin has traded below the $8,300 level since January 14, as you can see in the two-week BTC-USD price chart shown below:

BTC-USD 2 Week Chart on 24 Jan 2020.png

Since Bitcoin reached $9,151 at 01:00 (UTC) last Sunday (January 19), the BTC price has been steadily falling, perhaps in anticipation of the "traditional" slowdown in Bitcoin trading around the time of the Chinese New Year (which, this year, starts on 25 January 2020 and ends on 11 February 2021). This expected drop in Bitcoin trading volumes was something that Arthur Hayes, Co-Founder and CEO of crypto derivatives exchange BitMEX, predicted in a tweet he sent out yesterday:

However, Lee, does not seem concerned about the currently falling prices of Bitcoin and altcoins in the crypto market.

Lee, who was appearing on Fast Money to give his views on the stock, bond, and crypto markets, was asked by the shows's host, CNBC news anchor Brian Sullivan, if he was still bullish on Bitcoin.

Lee replied:

"Yeah, 2020 should be great for Bitcoin because you got number one the halvening happening -- the block reward for miners getting cut in half -- that's a good supply demand change. I think last year the White House killed the Bitcoin rally with their opposition, but with the presidential election cycle underway, it's not gonna be in the headlines, and that's bullish for Bitcoin. And then with geopolitical tensions in the Middle East, I think that's good for crypto... We're getting a lot more interest in it from our clients."