The big question today is whether Bitcoin holders are tired of the winning yet…
Bitcoin continues to make all-time highs with a jag up to $35,000. For contrast, as we have pointed out in the previous same-day legs of this rally, the prior high was at $20,000 at Christmas time in 2017. Now, BTC towers above what it’s ever been worth in the past.
At Cryptopotato, reporter George Georgiev talks about this rally behavior from today’s vantage point:
“Following a solid buildup yesterday, Bitcoin’s price managed to break through another important level,” Georgiev writes. “It surged above $35,000 and marked a brand new all-time high in the new 2021. Bitcoin’s price marked a brand new all-time high around $35,879 on Bitstamp. This followed a tumultuous day of trading where the range was trapped between a low of $33,348 and the aforementioned high for a total difference of more than $5,000.”
In other news, Stellar gains from XRP’s problems as Ripple continues to wrestle with challenges from the U.S. Securities and Exchange Commission. Meanwhile a U.K. ban on derivatives from the Financial Conduct Authority goes into place today, and last but not least, former Bakkt CEO Kelly Loeffler loses her Senate seat to a pastor.
But again, the really big news is centered on Bitcoin – how far will it go, and how high will it take long term buy-and-holders?
There are all kinds of BTC prophesy in the hopper.
“FYI, Coinbase outflow on Jan 2 was an all-time high,” says CryptoQuant CEO Ki Young Ju, as quoted in Cointelegraph coverage this morning by Joseph Young. “It seems institutions bought $BTC when the price above 30k. $BTC bull market isn’t over.”
Others have suggested BTC at $55,000 in 2021, and $120,000 by 2024. Short-term, though, traders are watching for any sign of a potential correction, some assuming that after a meteoric rise, Bitcoin is overheated. We’ll see.
