With the Christmas holidays drawing to a close and eyes set on the new year, the price of Bitcoin is moving rapidly and with extreme volatility towards $30,000. The coin has been climbing and breached as high as $28,000, but also fallen back rapidly only to climb again.
With the year coming to a close, many are now wondering if Bitcoin’s price will cross the $30,000 mark before new years day and the start of 2021, or if it will be a big fall to start the new year.
Recent spike leads to volatility
Bitcoin managed to rapidly climb to over $28,000 in the past day or two after it hovered in the lower reaches of $20,000 around Christmas. The latest rally was not its biggest or sharpest, but it was impressive nonetheless.
Messari founder Ryan Selkis pointed out, yesterday, during the rally, there was only the second $2,300 candle in the digital currency’s history.
Bitcoin’s first $2300 candle took 8.5 years.
It’s done that again today. pic.twitter.com/FfiCrG9OhX
— Ryan Bitcorn Selkis (@twobitidiot) December 26, 2020
This, and other reasons, have people believing that $30,000 is just around the corner.
Bitcoin” is currently trending on Twitter with 164,000 recent tweets. Additionally, as Cointelegraph has previously reported, this recent rally has put Bitcoin back on the path plotted by the popular Stock to Flow (S2F) model, which forecasts a price of
Another popular folk metric indicated that Bitcoin mania still has a long way to climb towards 2017 peaks as well. According to Google analytics, search history for “Bitcoin” is barely at a fifth of all time high levels.
A quick correction
Since the climb in price there has been an expected fall back as the price of Bitcoin shed nearly 7 percent of value as a wall was hit at $28.4k.
After topping 15% 24-hour gains, Bitcoin encountered heavy selling pressure above $28,000. Unable to sustain its extremely rapid upwards trajectory, the largest cryptocurrency then fell to lows of $26,500.
With institutional investors taking a break, talk turned to retail buyers fuelling the latest phase of the Bitcoin bull run.
“The bull cycle of bull cycles has started, as more and more players are starting to adopt towards Bitcoin and cryptocurrencies,” Cointelegraph Markets analyst Michaël van de Poppe summarized to Twitter followers.