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History is often said to repeat itself, but luckily for bitcoin investors it has not yet done so, as the cryptocurrency continues to surge to record highs over the New Years weekend.
Bitcoin continues to break records, topping the $ 30,000 mark on Saturday, having previously passed $ 28,000 on December 27. However, the rally did not stop there, and Bitcoin peaked at $ 34,366.15 at 2:59 am EST Sunday before settling at $ 33,221. 32 at 10:18 pm EST.
The latest bitcoin rally peaked at $ 20,000 on January 1, 2017, then was followed by a sharp drop in the price of the cryptocurrency, eventually bottoming out at around $ 3,360. This rally appears to be moving forward, although like the price of bitcoin, things could change quickly.
It is argued that the bitcoin rally this time is different thanks to the participation of institutional investors in the market. Nathaniel Popper of the New York Times wrote in Novemberr that this time has a “very different feel to last time”, arguing that bitcoin is being treated as an alternative asset by American investors. But that doesn’t necessarily explain the $ 30,000 increase since then.
“Even the most optimistic bitcoin advocates could not have anticipated such a meteoric price increase in such a short space of time,” Marcus Swanepoel, CEO of cryptocurrency firm Luno, told the Financial Times. “But the pattern that we have seen in the lead up to this milestone, a steady rise, rather than a sharp spike, sets Bitcoin extremely well for this year.”
However, some experts are wary of a price correction.
“Ultra-cheap money injected by global central banks has found its way into many assets, including bitcoin,” said Hitesh Jain, vice president of research at Yes Securities Ltd. “We are in a scenario where safe and riskier assets they are simultaneously recovering, which is a theoretical contradiction. It has become like hunting with the dogs and running with the hare. “
Others are more positive. Fundstrat’s Tom Lee said in an interview with CNBC on December 30 that he believes bitcoin could rise around 300% in the next year, reaching levels of $ 100,000 or more.
Image: NASA
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