Bitcoin price prediction: BTC can rise up to $ 50,000
Bitcoin has confidently exceeded the $ 34,000 mark and is currently valued at $32,913. The near future will show whether the crypto king will be able to hold above the pick, or give in to bearish pressure and fall.
Bitcoin: What to expect?
Previously, the king of cryptocurrencies faced strong resistance at the level of 29 thousand dollars. It tried to cross the level several times, but failed after each short transition. The outlook for the New Year may be optimistic as Bitcoin has successfully broken the $ 29K resistance level.
With the BTC on an upward trajectory at the end of 2020, analysts are predicting strong adjustments. At the moment, the coin is overbought. The market is pumping, and sentiment is quite strong. But strong rollbacks are also possible.
Price analyst Flavius Thodoris explains that Bitcoin tends strongly to be discharged in January. We can expect the trend to continue, given the coin’s susceptibility to adjustments at this stage. According to the analyst, the coin will soon test its strong support level of $ 19 thousand after a sharp drop. This fall will be a cooling for the coin, and by March 2021, we can expect an upward trajectory.
The expectation that the price of BTC will grow somewhere to the levels of $50-60 thousand is an unlikely scenario, according to the analyst. It is likely that the bearish pressure will continue until January 4, but after that, we can expect a drop in the value of Bitcoin.
So will it grow or fall?
Several analysts, including K-March and Ehsan, have identified parabolic formations in the coin’s price action. Therefore, in the near future, we can expect further growth of the BTC. The United analyst predicts similar price actions, stating that Bitcoin is on an upward trajectory and will rise to the level of $ 34 thousand.
We can expect that Bitcoin will have 10-15% of rollbacks, but that`s ok as it will continue to grow and move towards the level of $40 thousand. Once it reaches $ 40K, you can expect a correction of 35 percent, and it will be an ideal short position.
BTC Is Now Worth More than Warren Buffett’s Berkshire Hathaway
Bitcoin is causing excitement in the crypto space due to its incredible growth this month. After the price surpassed the all-time high (ATH) of $ 20,000 in mid-December, the leading cryptocurrency skyrocketed to almost $30,000.
The price jump above $ 29K has made Bitcoin more expensive than Berkshire Hathaway, the US multinational conglomerate owned by Warren Buffett, whose market cap is capped at $ 539 billion. Bitcoin, in turn, has a market value of about $ 540 billion. Holger Zschaepitz, market analyst, noted:
“Bitcoin has jumped more than $ 29,000 and reached another milestone: with a market value of $ 540 billion. it’s now worth more than Warren Buffett’s Berkshire Hathaway”.
This month, BTC has staged a real roller coaster, and ended the year with a bang. Thus, December 2020 will be recorded in the history of Bitcoin and cryptocurrencies, as the period with the largest increase in BTC since May 2019. In addition, statistics show that BTC is up more than 295% in 2020, as the US Dollar Index (DXY) recently fell to a 32-month low.
Thanks to the overwhelming appetite of institutional investors and economic initiatives such as quantitative easing (QE), Bitcoin received huge demand at the end of the year.
However, CryptoQuant CEO Ki Yong-Joo cautioned against braving the wind because BTC could adjust as institutional investment stalled, according to the analyst. He believes that crypto traders expect Bitcoin to soon break the $ 35K price after a new all-time high of $32,000.
From a low of $ 3,800. In mid-March, BTC soared to unprecedented levels, strengthening its status as a safe haven asset. Time will tell what Bitcoin is to face in 2021.