According to analysts, if the cryptocurrency market continues to move in an upward direction, the Bitcoin price could head for a violent bull run.
Bitcoin can reach $ 40K
After the Christmas rally, Bitcoin could reach up to $ 40,000, according to the cryptocurrency analyst.
Bitcoin’s price hit record highs on Christmas, reaching $ 24,000 and then $ 28,000. It started to decline from unprecedented highs and the price dropped to $ 26,500. now experts suggest that the price may rise again.
Many attribute bull running to several factors.
Most notably, the institutional interest the cryptocurrency market has enjoyed throughout the year. During the 2017 bull run, investors were individual traders and individual investments drove the rally.
However, the current rally has driven a new wave of institutional adoption, where firms like Grayscale and MicroStrategy have added significant amounts of Bitcoin and cryptocurrencies to their managed assets.
Bitcoin Sale before the rally
Traders leading the rally were selling Bitcoin and moving their assets to futures exchanges.
As a result, the Bitcoin and crypto market has been stuck with short-term traders selling as Bitcoin approached its previous record price.
This meant that the Bitcoin price was struggling to break through the resistance barriers just below $ 20,000, the previous all-time high. When Bitcoin crossed the $ 20,000 mark, but the token took a direction to skyrocket.
Will Bitcoin experience another rally?
According to cryptocurrency analyst Michaël van de Poppe, if Bitcoin hits another wave, the price of the cryptocurrency could rise to $ 40,000 and above.
If Bitcoin can break the next resistance barrier and continue its rise, we could be looking at a massive bull run in the near future.
#Bitcoin breaking upwards even more as it's approaching my second Fibonacci point of interest around $25,800.
The higher we go, the higher the next impulse move will bring us.
— Michaël van de Poppe (@CryptoMichNL) December 26, 2020