Constant bitcoin upswings close out 2020.
Bitcoin is in price discovery mode.
The price touched all time highs most days thus far in the final two weeks of 2020. It’s hard to keep up with the constant price action.
Crypto Twitter is a buzz with memes about when to stop noting $1,000 upswings. They’ve become commonplace. If you’re not a trader, it could be best to simply ignore the price for a while.
As of writing, the price of bitcoin is $26,796.
- Bitcoin is down about 3% in the last 24 hours
- Bitcoin is up almost 18% in the last week
- Bitcoin is up about 51% in the last month
We’re seeing notable moves between $26,000–27,000.
Bitcoin surged to a high of $28,338 on some exchanges. Now, it’s looking for a place to land.
If bitcoin can push past $27,000 with conviction, we could see another test of $28,000. Otherwise, look for it to find support lower.
Previous resistance or support could still exist around the entry points of recent institutional buys — between $20,000–25,000.
$20,000 is a big drop from where we are but it wasn’t that long ago that bitcoin reclaimed that critical price point.
We also noted potential support at $22,000 last week.
Where bitcoin goes from here will reveal whether or not any of these prior support levels can hold or if they turn out to be actual resistance.
As bitcoin hits new highs, is Ethereum up next?
The world’s second largest cryptocurrency by market cap broke the $700 barrier this weekend. After bouncing between $550–650, ethereum pushed well above $700. It’s surged as much as 20% in recent days.
The successful launch of Ethereum 2.0, combined with the flow of money into the cryptocurrency space, is propelling the price upward.
Ethereum is still roughly half of its all time high.
That’s the million dollar question. In some instances quite literally. We’ve seen wild $1 million bitcoin price predictions in the past.
Short Term Outlook
We enter week 1 of 2021 in just a matter of days. Bitcoin looks bullish. There’s new money in the space and no reason to suggest a slowdown.
Long Term Outlook
More long term, many are renewing calls for a $100,000 bitcoin by December 2021. OKCoin CEO Hong Fang and others have made strong cases for bitcoin reaching between $100,000–300,000 within twelve months.
There’s little to do but wait, see, and celebrate as we enter the first week of 2021. Bitcoin has been on an unprecedented upswing. It has easily been one of the most interesting assets to watch this past year.