‘Blow-off top’ or $30,000? Traders muse Bitcoin’s end-of-year fate

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Traders and analysts mull what’s in store for Bitcoin after a historic day.

After a historic day in which the headlines could hardly keep up with price action and Bitcoin set a new all-time high above $26,500, traders and analysts are now turning their attention towards what could be in store for the digital currency over the next five days as 2020 comes to a close.

Historic candle

While a 8-9% daily gain might be pittance compared to Bitcoin’s historical volatility — there was a 42% rally as recently as 2019 — as Messari founder Ryan Selkis pointed out, today’s rally featured only the second $2,300 candle in the digital currency’s history:

Perhaps caught in the euphoria, some traders are already looking towards when daily candles eclipse five figures:

Clamoring for $30,000

Positive headwinds are swirling for Bitcoin’s next step. “Bitcoin” is currently trending on Twitter with 164,000 recent tweets — comfortably outstripping the next highest trending item, the archeological discovery of a street food stall in the ruins of Pompeii.

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Additionally, as Cointelegraph has previously reported, this recent rally has put Bitcoin back on the path plotted by the popular Stock to Flow (S2F) model, which forecasts a price of :

Another popular folk metric indicated that Bitcoin mania still has a long ways to climb towards 2017 peaks as well. According to Google analytics, search history for “Bitcoin” is barely at a fifth of all time high levels:

All together, the positive sentiment and parabolic price action have a greater and greater number of traders clamoring for ‘30k by the 30th” — a $30,000 price on the 30th of December:

Blow off top?

Despite the positive sentiment and price action that puts Cape Canaveral to shame, some traders are already lining up possible short positions. One trader is calling for a blow-off top in the next two weeks:

While it remains the minority sentiment, he’s not alone and thinking turbulence could be ahead for Bitcoin. $2.3 billion worth of Bitcoin futures expired on Christmas day, which historically has led to choppy markets.

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