On Wednesday (January 6), the Bitcoin price broke through the $35,000 level just, which that in the past three weeks, it has gone up over $15,000.
According to data from TradingView, on crypto exchange Coinbase, the Bitcoin price surged above the $35,000 level around 04:24 UTC. Four minutes later, it had reached $35,822, once again setting a new all-time high.
Per data by CryptoCompare, currently (as of 05:35 UTC on January 6), Bitcoin is trading around $35,160, up 15.49% in the past 24-hour period and up 21.35% in 2021. Bitcoin’s market cap is roughly $653.33 billion at the moment.
It is worth pointing out that today’s new all-time high above $35K comes just two days after a team of J.P. Morgan global market strategists led by Nikolaos Panigirtzoglou reportedly wrote in a note to clients that over the long term Bitcoin’s price could get to $146,000 and higher.
As Ki Young Ju, the CEO of South Korean blockchain analytics startup CryptoQuant, pointed out earlier today, despite the nearly $6k dip we witnessed on Monday (January 4), Bitcoin’s bull ran seems far from over.
Prominent crypto analyst Alex Krüger says that he expects to see the Bitcoin price reach $40,000 by the end of this week.
In the U.S., the two Senate runoff elections in Georgia, which have not been called yet (as of 06:00 UTC on January 6), will determine which party will hold majority in the U.S. for the next two years. Democrats need to win both races. If they do, the markets expect higher government spending (since then we would have a Democratic U.S. president and a Democratic U.S. Congress), which could lead to higher inflation, which would in turn be good for inflation hedge assets such as Bitcoin.
Yesterday, Krüger said that thanks to further monetary and fiscal stimuli that we are likely to see this year and the fact that “real rates are to remain negative for the foreseeable future,” he can see the Bitcoin price going a lot higher this year.
Earlier today, crypto analytics startup Santiment noted that the number of BTC whales (i.e. those BTC addresses holding at least 1,000 bitcoins) has reached a new all-time high of 2,323.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.