‘Blow-off high’ or $30,000? Merchants muse Bitcoin’s end-of-year destiny
After a historic day where the headlines barely kept up with price developments and Bitcoin hit a new all-time high above $ 26,500, traders and analysts are now turning to what could be in store for digital currency in the next five days than 2020 comes to an end.
While a daily gain of 8 to 9% compared to Bitcoin’s historical volatility – there was only a 42% rally in 2019 – as Messari founder Ryan Selkis pointed out, could be a small rally, today’s rally was just the second candle of $ 2,300 in digital currency history:
Bitcoin’s first candle, valued at $ 2,300, lasted 8.5 years.
It’s the same again today. pic.twitter.com/FfiCrG9OhX
– Ryan Bitcorn Selkis (@twobitidiot) December 26, 2020
Perhaps caught in the euphoria, some traders are already looking to it when daily candles dwarf five numbers:
When does #Bitcoin have its first $ 10,000 per day candle?
– Luke.hodl (@Coinosphere) December 26, 2020
Shouting for $ 30,000
Positive headwinds are swirling for Bitcoin’s next step. “Bitcoin” is currently trending on Twitter with 164,000 current tweets – surpassing the next higher trend item, the archaeological discovery of a street food stand in the ruins of Pompeii.
As Cointelegraph previously reported, this latest rally has put Bitcoin back on track, which has been adopted by the popular Stock to Flow (S2F) model, which is priced at:
Another popular folk metric showed that the bitcoin mania still has a long way to go to climb towards the 2017 peaks as well. According to Google Analytics, the search history for “Bitcoin” is barely a fifth of all time at a high level:
Google Trends data:
The search for “Buy #Bitcoin” is at about a fifth of its all-time high
Will the search eventually reach the last peak 10 times? It has begun. pic.twitter.com/MUgRfPsvlD
– Alistair Milne (@alistairmilne) December 26, 2020
All in all, the positive sentiment and parabolic price movement has an increasing number of traders asking for 30,000 by December 30th – a price of $ 30,000 on December 30th:
Retweet for 30k #BTC by 30th.
– Stacking (@StackingUSD) December 26, 2020
Blow off the top?
Despite the positive sentiment and price movements shaming Cape Canaveral, some traders are already taking possible short positions. A trader requests a blow-off top in the next two weeks:
Update – cancel the weekend in full motion.
I suspect the hammer will come in the next 2 weeks. Pic.twitter.com/3xAirpOJrz
– Crypto Leo (@CryptoLeos) December 26, 2020
While it remains the minority sentiment, he is not alone believing that Bitcoin may be ahead of turmoil. Bitcoin futures worth $ 2.3 billion expired on Christmas Day, which has historically resulted in troubled markets.