Blow-off top or $ 30,000? Traders speculate about the fate of Bitcoin before the end of the year

After a historic day where headlines barely kept up with price developments and Bitcoin hit a new all-time high above $ 26,500, traders and analysts are now turning to what might be in store for the market. digital currency for the next five days when 2020 comes to an end.

Historic candle

While a daily gain of 8 to 9% might be a minor thing compared to Bitcoin’s historical volatility (there was a 42% increase in 2019), As Messari founder Ryan Selkis noted, today’s rally was just the second $ 2,300 candle in digital currency history:

Maybe get carried away by euphoria Some traders are already looking at when the daily candles dwarf the five numbers:

Claim $ 30,000

Blow-off top or $ 30,000? Traders speculate about the fate of Bitcoin before the end of the year
Blow-off top or $ 30,000? Traders speculate about the fate of Bitcoin before the end of the year

Positive winds are swirling for Bitcoin’s next step. “Bitcoin” is currently trending with 164,000 current tweets on Twitter, beating the next best trend. the archaeological discovery of a street kiosk in the ruins of Pompeii.

In addition, as Cointelegraph previously reported, This most recent rally has put Bitcoin back on track, which has taken the popular Stock to Flow (S2F) model, which forecasts a price of $ 100,000 by the end of 2021.

Another popular popular metric indicated that Bitcoinmania still has a long way to go to hit the peaks of 2017. according to Google Analytics, the search history of the word “Bitcoin”, is only a fifth of the highest values ​​of all time:

Together the positive mood and the parabolic price movement More and more retailers are asking for “30,000 by 30,” a price of $ 30,000 on December 30th:

Will a blow-off top occur?

Despite the positive sentiment and price movements that put Cape Canaveral to shame, Some traders are already opening possible short positions. A trader asks for a blow off in the next two weeks:

While the minority mood He’s not the only one and believes the turmoil for Bitcoin may come. Bitcoin futures worth $ 2.3 billion expired on Christmas Day, which has historically led to troubled markets.

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