On Wednesday (December 30), the Bitcoin price broke through the $28,500 resistance level to set yet another new all-time high (ATH) in what is turning out to be one of the most amazing months in Bitcoin history.
According to data by CryptoCompare, last Sunday (December 27), at11:00 UTC, the Bitcoin price managed to get as high as $28,340.
Popular crypto analyst/trader Josh Rager, who is also a Co-Founder of online crypto learning platform Blockroots, as well as an advisor to several blockchain startups, said on December 27 that he thought that it would be fitting for Bitcoin to end 2020 with the “first $20,000+ yearly candle.”
Since Bitcoin started 2020 at $7,183, this would mean that the Bitcoin price would need to close above $27,183 at the end of this month for Rager’s wish to come true. And judging by Bitcoin’s price action over the past few days, it seems highly likely that this will happen.
Crypto analyst Alex Krüger talked about the fact that Bitcoin is currently in price discovery mode:
Binance Co-Founder and CEO Changpeng Zhao (aka “CZ”) beautifully captured in this tweet the mood in the crypto community last weekend:
Ki Young Ju, the CEO of South Korean blockchain analytics startup CryptoQuant, who believes that the Bitcoin price will reach $30,000 soon, pointed out that $28,500 seemed like a tough resistance level to break:
Well, according to data by TradingView, at 07:01 UTC on Wednesday (December 30), on Coinbase, Bitcoin’s price did manage to break though the $28,500 level to reach $28,557.
Bitcoin Magazine sent out this interesting tweet earlier today:
So, how high can we expect the Bitcoin price to go in the short term?
One of the many people in the Bitcoin community who thinks that Bitcoin’s price could reach $30,000 as early as the end of this month is Tyler Winklevoss, Co-Founder and CEO of crypto exchange Gemini.
The CryptoQuant CEO said yesterday that investors should buy any dips below the $26,000 since in the current environment, it’s hard to see Bitcoin falling below $25,000.
Earlier today, Mira Christanto, Asia Advisor at Messari, summarized in one tweet J.P. Morgan’s current view of Bitcoin’s current price action:
Rager offered the following tweet to summarize’s Bitcoin’s price action during the course of 2020:
As for high Bitcoin’s price could go within the next decade, there are more than a few Bitcoiners who believe that based on how small Bitcoin’s market cap is at the moment compared to gold’s market cap, as the digital gold narrative becomes more widely accepted, it would not be unreasonable to expect the Bitcoin price to reach $400,000 to $500,000 within the next decade.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.