Bitcoin (BTC) continues its extensive rally over the holiday weekend, topping $ 27,000 on December 27th. In addition, Bitcoin’s market capitalization surpassed half a trillion dollars for the first time.
Bitcoin’s market capitalization exceeded $ 500 billion
That new bitcoin high came just three days after breaking the $ 24,000 resistance. It also means that the price of BTC has doubled in the past two months, after rising nearly $ 10,000 in December alone.
Bitcoin’s market capitalization also currently tops $ 510 billion, just below Warren Buffett’s Berkshire Hathaway. the tenth largest company in the world. It does so less than a day after Visa’s market cap exceeded.
As reported by Cointelegraph, the rally this weekend brought the price of Bitcoin above the people’s middle trendline Stock-to-flow model (approximately USD 24,900), a target price of USD 100,000 is forecast for December 2021.
At the same time, The current bull cycle seems different and more sustainable than 2017, and many traders expect the price to continue to rise in the months ahead. The reasons for this rally include the institutional buying frenzy, stronger fundamentals, less supply on the stock exchanges, and relatively little interest from retail buyers.
However, That doesn’t rule out the possibility of big withdrawals in the near future, especially as the price of BTC at $ 30,000 appears to be heading towards the next psychological resistance.
“Vertical movements often end in a quick fix (remember summer 2019)? These quick fixes are done to set a lateral area.” warned the analyst from Cointelegraph Markets, Michael van de Poppe, December 27th. Add:
“Don’t let a correction affect you. The bull market will last longer. It has a broader horizon.”