Bitcoin Price Records Highest-Ever Weekly Close: Analysts Predict $100K BTC

Spread the love

Bitcoin has made another milestone recording its highest ever weekly candle close. Analysts and investors are expecting this rally to continue into 2021 with some eyeing six-figure prices.

Following a weekend dip into mid-$18K territory, Bitcoin prices have recovered to top $19K once again and are currently trading just below $19,300.

A range-bound channel appears to have formed in this range as the asset fails to top the psychological $20K barrier. It’s highest price as recorded by was a touch over $19,900 on December 1 though some exchanges may have reported higher prices due to local demand.

Big Bitcoin Weekly Candle

A number of analysts have observed that Bitcoin has closed its highest ever weekly candle after spending almost a week above $19K. During the 2017 pump, BTC only managed three days above this price resulting in long wicks on the weekly candle.

Some commented that the close fell short on Coinbase but other exchanges such as Bitstamp and Bitmex made all-time highs on the weekly close.

RECOMMENDED READ:  What is EOS Blockchain?

Macro investor Dan Tapiero, co-founder of 10T Holdings, commented on the monumental rally Bitcoin has made since the Coronavirus induced market crash in mid-March, adding that a repeat could send prices into six-figure territory in the next year or so;

“Remarkable to think that just 9 months ago bitcoin was at 4000. Almost a 500% rally to today. 500% rally from here puts us at 100k btc. Don’t think it can happen in 9 months but it would just be replicating what it’s done in past 9 months.”

The crypto ecosystem is overwhelmingly bullish at the moment with comments from industry heavyweights such as Cameron Winklevoss;

A six-figure rally in the next 12 months seems a little farfetched, but if BTC can break the current barrier it could easily jump 50% or so in a short space of time.

RECOMMENDED READ:  New Law in Germany Embraces All-Electronic and Blockchain Crypto Securities

Elsewhere on Crypto Markets

Total market capitalization expanded by almost $20 billion over the weekend with a climb to $565 billion according to It is still hovering around its highest level since January 2018 but remains 47% away from that peak above $830 billion as the altcoins have been underperforming this time around.

Ethereum has retreated back below $600 to trade in the mid-$590 range while the rest of the crypto top twenty have made very little movement over the past 24 hours. Another week could bring more big moves especially if big brother can break through its barrier just $700 away.

 184 Interactions,  2 today

Early Bitcoin trader Chamath Palihapitiya is running for governor of California.

Bitcoin billionaire is expected to run for California governor. Early Bitcoin trader and business proponent Chamath Palihapitiya has indicated a Read more

Ethereum discovered the cap surges to new highs indicating that new money is rushing in – report

The cap realized by Ethereum has risen to new all-time highs this month, suggesting that new capital is racing to Read more

Polkadot Market Analysis for 26th January 2021

Polkadot was one of the market's best earners in 2021, with the price action of the cryptocurrency speaking for itself. Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

%d bloggers like this: