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

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

After a historic day where 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 the digital currency in the next five days 2020 is coming to an end.

Historic candle

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 at 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 headwind is swirling for Bitcoin’s next step. “Bitcoin” is currently trending on Twitter with 164,000 current tweets – and surpasses the next higher trend object, 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 the Bitcoin mania is still well on its way to the 2017 peaks. 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

Overall, 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 that put Cape Canaveral to shame, some traders are already taking potential 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 and believes that Bitcoin may be ahead of turmoil. Bitcoin futures worth $ 2.3 billion expired on Christmas Day, which has historically led to troubled markets.

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