At any point of the digital transition,…
At 5:00 a.m., Data on the Bitstamp website on Thursday, December 31, Beijing time, showed that Bitcoin burst through the $29,000 mark and increased in 24 hours by more than $2,000.
Bitcoin eventually continued to advance. The price of Bitcoin has hit $2,9183.6, a record high, as of press time.
Bitcoin’s growth has continued to be fierce since the beginning of this year, with a surge of more than 300 percent over the year; Bitcoin’s price increased by more than 50 percent in December alone, which is estimated to set the highest monthly rise since 2019.
Why is he so mad about Bitcoin?
David Grider, chief digital strategist at Fundstrat, said that the recent Bitcoin boom was mostly attributed to banks and corporations acquiring more Bitcoin as their reserves, and market interest was fuelled by the new round of US stimulus plans.
He further claimed that there are already requirements in place for the cryptocurrency price to continue to grow next year:
On Bitcoin, we are still optimistic, raising the target price from US$25,000 to US$40,000.
He also said, however, that based on the recent momentum of Bitcoin, certain individuals may attempt to make gains, which may delay or reverse the growth of Bitcoin. Potential regulation steps and the advent of other emerging cryptocurrencies could also be threats to Bitcoin’s continued growth.
The above-mentioned analyst noted that while these future developments would not be assumed to have a long-term negative effect on Bitcoin, they may also be a negative factor for investor sentiment and prices.
Starting from the technical map, Mark Newton, founder and president of Newton Advisors, said that the upward trajectory of Bitcoin could be suspended in 2021:
Bitcoin has just broken a new high and this currency is already very bullish in the medium term. The upward trend of Bitcoin can not, however, survive without interruption. My cyclical composite index suggests that in early January, Bitcoin’s short-term gains would plateau.
In either case, though, Bitcoin’s success is still beyond doubt, and the adoption of this digital currency by people is still rising.
Only a few days ago, Russell Okung, a star of the Major League Football (NFL), traded half of his million-dollar paycheck for Bitcoin, realizing his willingness to make Bitcoin pay the league.