Bitcoin Surges 15% to Record High of $22,400, Where Will it Go Next?

By Martin Young
Published December 17, 2020 Updated December 17, 2020
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Bitcoin Surges 15% to Record High of $22,400, Where Will it Go Next?

By Martin Young
Published December 17, 2020 Updated December 17, 2020

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.

bitcoin price
Chart – tradingview.com

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;

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.”

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.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Martin Young
84 Articles
Martin has been writing on cyber security and infotech for two decades. He has previous forex trading experience and has been covering the blockchain and crypto industry since 2017.

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