The expert believes that the next wave of the bull run could take Bitcoin to $ 40,000 after BTC has consistently reached its highs. Bitcoin price has continuously created and broken a series of new price records after it crossed the $ 20,000 mark – a psychologically important threshold – for the first time on December 16. At press time, BTC is trading around $ 27,184, up 15% over the past seven days.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price set a new record in 2020 and is expected to continue to rise even higher
Accordingly, in the past 24 hours, the Bitcoin price has once recorded a spike to over $ 28,352. Statistics from CoinMarketCap show that the volume of Bitcoin transactions in that period was approximately $ 66.8 billion, with a market capitalization of $ 495 billion.
Professional traders claim that Bitcoin’s breakout growth was attributed to institutional investors pouring billions of dollars into the market.
Besides, the US, along with other economies, printing money to minimize the bad economic effects from the COVID-19 pandemic … is a potential catalyst for inflation and harmful to the US dollar. Both are positive signals for Bitcoin.
In particular, the growing demand for decentralized finance and the advantages of digital currencies also help Bitcoin gain more and more financial sympathy. PayPal – one of the world’s largest online payment services – also recently announced that digital currency transactions and payments will be available to all customers in the US.
According to many analysts, the rise of Bitcoin will not stop. Renowned trader Philip Swift notes that the number of sellers has actually decreased during the current bull run. This shows that the Bitcoin accumulation trend is increasing rapidly. The reason is that this virtual currency has not reached a clear peak.
Meanwhile, analyst Michael van de Poppe confirmed that the next wave of price increases could bring prices to $ 40,000.
He stated:
“The higher Bitcoin is, the more powerful the bullish momentum is, considering the current situation it can completely conquer the next level at $ 40,000.”
In another development, there was an analysis that retail investors are coming. Specifically, Bitcoin outflow from whales is a strong bullish signal. Otherwise, it’s a bearish one as whales tend to benefit from retail investors. And experts recommend taking this as a small bearish signal explaining why it’s hard to break $ 28,500.
You can see the BTC price here.
Read more:
- There Is A Perfect Storm For Bitcoin Price That Has Enabled This Extremely Strong Rally, Possibly On The Way Up To $ 25,000
- The Bitcoin Rally Seemingly Has No Breaks As Bitcoin Price Breaks Above Yet Another Major Milestone At $ 28.000