- Bitcoin tested the new all-time high of $36,352.
- Experts predict the next price jump up to $40k.
- Brief consolidation possible.
The big week for Bitcoin continues. The world’s top digital asset made another leap up early on Wednesday morning, as it surpassed the $35,5k mark.
Bitcoin increased by more than 12% since yesterday and tested the new highs of $36,352 according to CoinMarketCap. Its trading volume surpassed $229 trillion within the past 24 hours.
Two ATHs in a week
Today’s jump came after a brief cool-off after the January 3 bull rally when Bitcoin settled a new historic high of $34,608. The benchmark crypto dipped by about 16% the next day to briefly trade under $29k before the recovery.
The steep Bitcoin uptrend started on December 17, 2020, when days before Christmas Bitcoin broke through a new $23k ATH. The leading crypto continued to set new records since then, increasing by over 90% in less than a month.
The continuous bull rally is different from the famous one of 2017. This time it is mainly driven by institutional investments, as big capital is shifting to Bitcoin as the best store of value in times of pandemic, low-interest rates, and fiats losing their purchasing power.
On the flipside
- Bitcoin increased over 600% since the mid-March 2020 price drop.
- Alex Mashinsky, the CEO of Celsius Network expects up to 30% BTC price correction before the next price jump.
What’s next in short-term?
The new record high seems to wipe out the market doubts of Bitcoin’s next move. The market sentiments are extremely bullish. One of the biggest crypto exchanges Binance witnesses the huge buying wall at the press time. Crypto space forecasts the next $37k mark based on technical analysis and Fibonacci extensions.
Nevertheless, due to more institutions buying Bitcoin and the growing shortage of its supply, the market experts predict the short-term consolidation of BTC before the next jump to $40k. According to them, if Bitcoin pushes above the $40k mark, the next resistance level will be $50k.
Bitpay Chief Commercial Officer Sonny Singh also believes that Bitcoin will grow up to $45,000 within a month. Meanwhile, Michael Saylor, the CEO of Microstrategy and one of the biggest investors in BTC, expects Bitcoin to double its value this year.
In the meantime, Ki Young Ju, the CEO of crypto analyst firm CryptoQuant says institutions bought Bitcoin when it was over $30k. According to him, the bull market is not over yet.