The race to an impressive $30,000 figure by the end of the year, Bitcoin has again pushed to a new all time high, overtaking its previous mark slightly as it topped $28,530 on Coinmarket cap. The new all time high is just shy of $300 higher than the mark it set earlier this week.
Bitcoin has obliterated the $20,000 region in its price march having crossed this barrier on December 16th. It’s $8,500 dollar climbe has come in two weeks with very little resistance other than a small correction the last time it breached the $28,000 point.
The next big level is of course $30,000 which is not out of the realms of possibility in the next day or two to see the year out and a new major milestone. If Bitcoin is hit $30,000 it will truly be entering new territory with its next moves totally unpredictable.
Onwards and upwards, or correction?
The question in the very immediate future is if Bitcoin will simply smash through to $30,000 and move higher from there, if that region might be the ceiling that causes a pull back. analysts still believe that a reversal could take the Bitcoin down to existing support at $19,500.
Cointelegraph Markets analyst Michaël van de Poppe nonetheless highlighted $27,500 as the critical area to break in order to pave the way for new all-time highs.
Well, a lower timeframe chart analysis on the recent movements of #Bitcoin.
The downtrend for now, crucial breaker at $27,000-27,500. If that breaks -> new all-time highs.
Support is looking heavy as it has been tested a few times.
Next area around $24,500 if $26,000 is lost. pic.twitter.com/vZMmiIw5wV
— Michaël van de Poppe (@CryptoMichNL) December 29, 2020
The new all time high for Bitcoin has again spelled good news for altcoins. Yesterday it was Polkadot that was cruising, while today it is still up to record an increase of 50 percent over the last seven days.
Ethereum is also still rallying after it hit recent all time highs — and interestingly, Ripple’s XRP has seen gains of nearly 15 percent after its horror show following the SEC’s decision to go after them.