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January 2, 2021
Bitcoin Surge Isn’t Over Yet, Why BTC Could Hit $34K Soon
January 3, 2021
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The price of bitcoin has crossed a new all-time high on Saturday morning (EST), spiking over $31k per coin. At around 8:43 a.m., bitcoin’s value climbed to $31,417 per unit with roughly $12 billion in global trade volume.
Bitcoin (BTC) has surpassed the $31k price zone, and has jumped very close to the $32k range. At around 8:43 a.m. (EST), the crypto asset spiked to $31,417 per bitcoin reaching another all-time price high.
BTC is up 5% during the last 24 hours, 15% for the week, 58% during the last month, and 187% for the 90-day span. Over the course of the last 12 months against the U.S. dollar, bitcoin (BTC) has gained 315%.
The crypto asset’s hashrate on Saturday morning is hovering around 135 exahash per second with 18 mining pools dedicating hash at the Bitcoin blockchain. The mining operation F2pool captures 18% of the hashrate or 26.31 exahash per second.
Lots of crypto supporters celebrated bitcoin’s new price rise. After the $30k crossing, the market maniac Holger Zschaepitz said: “Bitcoin tops 30k for the first time ever only 17 days after cryptocurrency crossed 20k.”
Another individual wrote: “Well, bitcoin breaking $30k is [definitely] a solid way to start the year.”
A number of bitcoiners wholeheartedly believe the price of BTC will climb much higher than the $30k handle. “Don’t sell your sats to mega institutional investors at $30k,” tweeted Phil Geiger. “They have far more resources than you and they will happily pay you $200k for a bitcoin.”
The onchain researcher, Willy Woo, has said people shouldn’t stress investing in bitcoin at this price when the price could very well reach $300k. “If you’re looking for an entry to HODL Bitcoin long term, don’t nickel and dime an entry,” Woo tweeted. “You’re not going to sweat a few thousand dollars of non-perfect entry when it’s $100k, $200k, $300k in a year.” Woo added:
The main bull phase is here. Capital inflows [have] gone nuts.
Since bitcoin (BTC) started its bullish rise crushing the 2017 all-time high, the crypto asset has not seen any major pullbacks yet. In 2017, BTC saw roughly four 25-38% losses during the ride up. One analyst says that the monthly momentum indicator shows we may see a big pullback soon.
“Something interesting that I’ll be on guard for (interesting, but, not actionable by itself),” the trader Mr. Anderson told his 64,000 Twitter followers. “The last and only time that BTC saw a monthly momentum reading this high we saw a 38% retrace [and] a recovery intra-month and continued exponentially.
At the time of publication, the entire market valuation of all 7,500+ digital assets is near $800 billion and steadily inching toward $1 trillion. Bitcoin’s market cap captures $573 billion worth of the entire crypto market economy.
Currently, bitcoin (BTC) is trading for $31,200 per unit on Saturday, January 2, 2021.
What do you think about bitcoin surpassing the $30,000 price zone on Saturday morning? Let us know what you think in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin Wisdom, Markets.Bitcoin.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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