Bitcoin (BTC) continues its meteoric holiday weekend rally, surpassing $ 27,000 on December 27.
Bitcoin market capitalization exceeds $ 500,000,000,000
The new highs for Bitcoin come less than three days after breaking resistance at $ 24,000. It also means that the price of BTC has now doubled in the past two months after gaining nearly $ 10,000 in December alone.
Bitcoin’s market cap is also now over $ 510 billion, placing it just below Berkshire Hathaway of Warren Buffett, the tenth largest company in the world. This comes less than a day after exceeding Visa’s market cap.
As Cointelegraph reported, this weekend’s surge put the price of Bitcoin above the average trendline of the popular stock-to-flow model (around $ 24,900), which predicts a target of $ 100,000. by December 2021.
At the same time, the current bull cycle appears to be different and more sustainable than in 2017, with many traders expecting more upside in the coming months. The reasons are a frenzy of institutional purchases, stronger fundamentals, less available supply on the stock exchanges and still relatively little interest from retail buyers.
However, that doesn’t rule out the possibility of major short-term pullbacks, especially as the price of BTC appears to be heading towards the next psychological resistance at $ 30,000.
“Vertical movements often end with a quick fix (remember summer 19)? These quick fixes are made for establishing a lateral range,” warned Michael van de Poppe, analyst at Cointelegraph Markets, on December 27.
Don’t get beaten up by a correction. The bull market will last longer. Have a longer horizon.