Bitcoin (BTC) will continue its weekend rally of obscure holidays, surpassing 27,000 on December 27. What’s more, the market capitalization of Bitcoin has crossed half a trillion dollars for the first time.
Bitcoin market cap breaks 500,000,000,000
The new record-high for Bitcoin comes in less than three days after breaking the resistance of 24,000,000. This also means that BTC prices have doubled in almost two months in December alone.
Bitcoin also now has a market capitalization of more than 10 510 billion, which puts it under Berkshire Hathaway, the world’s tenth largest company. This comes less than a day after the visa market cap was exceeded.
The price of Bitcoin this weekend is above the trend line of the popular stock to-flow model (approximately, 24,900), predicting a target of 100,000 by December 2021, according to a report by Cointegragraph.
At the same time, the current bullish cycle seems different and more sustainable than in 2017, with many traders expecting more overtime in the coming months. The reasons for this include a strong enthusiasm for institutional buying, strong fundamentals, less available supply on the exchanges and a relatively low interest of retail buyers.
However, this does not rule out the possibility of a major pullback in the near term, especially as the price of BTC appears to be moving towards આગામી 30,000 towards the next psychological resistance.
“Ver bhi moves often end in Swift Correction (remember Summer ’19)? That Swift Correction is done to establish the sideway range.” Warned Michael Van de Pope, analyst at Syntagraph Markets, on December 27. He added:
Cut from correction. The bullish market will last a long time. There is a long horizon.
