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December 17 marks the highest price Bitcoin has ever made and the rally is showing no signs of slowing down.
Within the past hour, Bitcoin prices reached a new all-time high of $22,400 according to Tradingview.com charts using Coinbase as a reference. The move has added a monumental 14.9% to the price of the asset which was trading at just over $19,400 at the same time yesterday.
The first move to $22K came four hours ago and was followed by a minor correction before the next leg up to the new all-time high.
Bitcoin Making New Highs
The big stats keep rolling; over the past seven days, BTC has made 19%. Over the past 30 it has added 32% and since the beginning of this year a whopping 220%.
The epic rally has also lifted the total crypto asset market capitalization to an almost three-year high of $640 billion according to Coingecko. Bitcoin’s market share of that is around $410 billion, another all-time high, and its market dominance is 67%.
MicroStrategy Chairman and CEO, Michael Saylor, was quick to comment following his firm’s huge investments in the asset;
“Bitcoin is the world’s best treasury reserve asset & the emerging dominant monetary network. It is the solution to the store of value problem faced by every individual, corporation, & government on earth.”
Founder and CEO of Global Macro Investor, Raoul Pal, warned about scary corrections but advised buying them;
Right, off to bed but I’ll leave you with this – The last 2 days rise in bitcoin would annualize at 1000%. Good night and good luck. Corrections will come at some pint, some will be scary. Buy them. BTW – I think 10x is more than realistic. pic.twitter.com/kInC6e1DXk
— Raoul Pal (@RaoulGMI) December 17, 2020
BTC’s Next Move
Markets are currently in virgin territory so it is not easy to predict the next move. The $20K barrier has taken time to break, but now that it has, the sky is literally the limit and analysts are already eyeing $25K.
A correction back below $20K is likely to happen also and, providing the momentum is still there, they will serve as places to ‘buy the dip’.
Chart guru Willy Woo posted an update of Bitcoin’s Top Cap Trajectory adding that;
“$100k is a ridiculously low target at the current trajectory.”
We are not at the all-time-high juncture where the BTC Top Cap Model starts curving upwards.
Let’s see how high she runs in 2021.
— Willy Woo (@woonomic) December 16, 2020
The analyst also targeted a shorter term top of $55k which also sounds plausible considering the number of hedge funds and institutional funds that have been snapping up the king of crypto recently.
Some price predictions are even higher. As reported by CoinGape, Guggenheim’s chief investment officer Scott Minerd has given a target price of $400,000 for Bitcoin in an interview on Bloomberg TV.