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:

Bitcoin’s first candle, valued at $ 2,300, lasted 8.5 years.

It’s the same again today. pic.twitter.com/FfiCrG9OhX

– Ryan Bitcorn Selkis (@twobitidiot) December 26, 2020

Bitcoin’s first candle, valued at $ 2,300, lasted 8.5 years. He did it again today.

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

When will #Bitcoin Got the first $ 10,000 a day candle?

– Luke.hodl (@Coinosphere) December 26, 2020

When does #Bitcoin have its first $ 10,000 daily candle?

Claim $ 30,000

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:

Google Trends data:

Looks for ‘buy #Bitcoin‘are about 1/5 of their all time high

Will the search eventually reach the last peak 10 times? It has begun. pic.twitter.com/MUgRfPsvlD

– Alistair Milne (@alistairmilne) December 26, 2020

Google Trends data:

The search for “Buy #Bitcoin” is at 1/5 of its all time high

Will searches exceed 10 times the last peak? Has begun.

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:

Retweet for 30k #BTC until 30

– Stacking (@StackingUSD) December 26, 2020

Retweet it for a # BTC price of 30,000 before the 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:

Update – cancel the weekend in full motion.

I suspect the hammer will come in the next 2 weeks pic.twitter.com/3xAirpOJrz

– Crypto Leo (@CryptoLeos) December 26, 2020

Update: The weekend is in full swing.

I hope the hammer arrives in the next 2 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.