Bitcoin has continued to rise despite some traders claiming the market is clearly overbought. As can be seen in the graph below, BTC has recently moved towards USD 28,000. Although it failed to hit that level, it peaked at $ 27,900 on the top exchanges.
Bitcoin is currently trading at $ 22,700 as the pressure to buy has been temporarily suspended.
There are some who believe that BTC could be targeting $ 30,000 in the short term as the trend continues to be positive and institutional players continue to flood into space.
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Bitcoin ready to move even higher?
Travis Kling, the founder of Ikigai, says that due to the lack of institutional presence in this space, Bitcoin could continue to grow. While billions of institutional players have been pulled into BTC over the past few months, most are still poorly invested in the space and may be trying to get exposure as the price continues to rise with little liquidity on the sell side:
“It quickly becomes clear that the pain is occurring #Bitcoin is much higher. It is obvious that institutions come with large checks. Much of this capital has yet to come “through documents” and “investment committee”. They thought they were going to buy $ 20,000. You will be lucky enough to buy $ 30. “
It quickly becomes clear that the pain trading with #Bitcoin is much higher.
It is obvious that institutions come with large checks. Much of this capital has yet to come “through documents” and “investment committee”.
They thought they were going to buy $ 20,000. You will be lucky enough to buy $ 30.
– Travis Kling (ravTravis_Kling) December 26, 2020
Many others in the room shared a similar opinion.
At this point, where Bitcoin is in the pricing process with no known support or resistance levels, those looking to expose themselves to the storage space can choose to buy the cryptocurrency now, expecting it to last for months can turn around to get even more, even if she is not short-term sell-off.
MicroStrategy made this clear recently when it bought nearly $ 650 million worth of BTC at a price of $ 22,000.
There have been many on Twitter who have argued that this was unwise considering that BTC has grown 100% in the past few months. As this rally shows, this may not be the case.
Larger than Visa
Bitcoin is now touting a larger market cap than Visa, making it the most valuable payment network in the world.
It is also recently the 20th largest currency in the world in terms of total money supply, according to data shared online.
#Bitcoin surges above $ 27,000, up> $ 2.5,000 in just over a day; Market capitalization now exceeds $ 500 billion. This also makes Bitcoin bigger than #Visa. pic.twitter.com/vF9RNonKHW
– Holger Zschaepitz (@Schuldensuehner) December 27, 2020
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Featured image from Shutterstock price tags: xbtusd, btcusd, btcusdt charts from TradingView.com Bitcoin taps nearly $ 28,000 on the continuation of the Holiday Rally