There is no doubt that since yesterday the Bitcoin community has expressed its great enthusiasm for the fact that the digital currency finally exceeded USD 20,000. A barrier that the market broke for the only time on December 17, 2017 (just three years ago) after a fairly pronounced increase that occurred in the last quarter of that year. Bitcoin breaks record and has surpassed $ 23,000.
Now, with this growing increase in the main cryptocurrency, new growth has also been registered for the rest of the market. Likewise, different analysts and experts have their opinions regarding the next movements of Bitcoin, let’s know some of them.
BTC price hits $ 23,000 and one analyst says $ 55,000 is the next level
The price of Bitcoin (BTC) broke the resistance range of $ 21,000 to $ 22,000 before reaching a new high of $ 23,000 on December 17. Meanwhile, network analyst Willy Woo says $ 100,000 is a “ridiculously low” target.
“We are not at the all-time high point where the BTC Top Cap model begins to curve upward. Let’s see how high it goes in 2021. 100K is a ridiculously low target on the current trajectory, 55K is the next milestone ».
Woo emphasized $ 55,000 as the historical price for Bitcoin because it would mean that BTC would have reached 10% of the market capitalization of gold.
Currently, the valuation of gold is estimated at around USD 9 trillion. Above $ 50,000, Bitcoin would start to consume a relatively large portion of the market capitalization of gold. Which remains the dominant safe-haven asset.
Meanwhile, exchange order records and volume trends also show that traders have moved their sell orders higher. Expecting Bitcoin to rise to $ 30,000 after it finally hit $ 20,000 yesterday.
If the momentum of the futures, options and spot markets continues for the next few days. Analysts believe in the high probability that BTC will hit $ 30,000.
More opinions regarding the price of Bitcoin
Bitcoin (BTC) has gotten plenty of proponents this year, with many people expressing positive market sentiment following the recent rise in the asset. However, not everyone is so optimistic.
Peter Brandt, a long time chartist and traditional market trader, said that Bitcoin is bullish, but surpassing $ 20,000 is nothing groundbreaking when it comes to charts.
“New highs are always a good indicator of a healthy uptrend. But other than that, the new highs mean very little technical significance, ”Brandt tweeted Wednesday.
Above $ 100: Litecoin Hits Highest Price Since Summer 2019
The price of Litecoin reached triple figures for the first time in 16 months. The seventh largest cryptocurrency by market value soared to $ 103.19. Its highest level since August 5, 2019.
Back then, Litecoin had experienced its second mining reward halving. A programmed cut in supply that is repeated every four years to keep inflation under control.
The cryptocurrency has recovered by more than 20% in the last 24 hours and is up almost 150% to date.
The strong movement of Bitcoin breaking record from $ 19,500 to $ 23,770 seen in the last 24 hours brought the market notable benefits. For example, the following cryptocurrencies show significant growth:
- (LTC, + 18.77%)
- (ETH, + 6.93%)
- (XRP, + 19.39%)
These and other movements are recorded by our internal crypto online tool in the last 24 hours.