Bitcoin hits $27,000 on the 27th day of Xmas spreading cheers for all

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It would appear that Bitcoin has the intention of spreading Christmas cheer for as many days as possible.

Bitcoin, the biggest cryptocurrency in the world, is on a roll. Days after it broke the much-anticipated $25,000 mark and hours after BTC soared past $26,000 on price charts, the cryptocurrency has now shot past $27,000 on the back of a 6.62 percent jump in 12 hours.

Source: BTC/USD on TradingView

As expected, the development has been encouraged by many in the community, particularly since the spike in question has come as a surprise to those who expected Bitcoin to correct itself in the light of its exponential increase in price charts. No such correction was forthcoming at the time of publishing. It should be remembered, however, that the cryptocurrency was right when it eventually violated its 2017-ATH system a few weeks ago. In fact, it did so when BTC also violated $24,000.

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Although corrections may eventually quickly lift their heads, the point is that few people expect such movements to be dramatic. Contrarily to what happened in 2017, Bitcoin’s development was built on strong foundations, with cryptocurrency consolidated significantly across its support levels below its press time price. That, and the relatively lower degree of market uncertainty, is what makes Bitcoin’s current rally distinct from that in 2017, with BTC finding itself unable to maintain itself close to its previous ATH.

That’s not all either, as 2020 saw the injection of smart capital as well. While the 2017 rally was mostly retail-driven, 2020 saw institutions jump in. With fiat currencies all over the world struggling to rein in inflation and confidence gaps in institutions just falling apart, more and more institutions can plunge into bitcoin as the months go by.

 

What’s also fascinating is that while yes, bitcoin could eventually correct itself on price charts, the endgame for many is seeing bitcoin priced at $100,000 or $500,000 in a year or two. With the cryptocurrency having overtaken the Visa and JP Morgan market caps recently, many would like to assume that it won’t take long.

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