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Bitcoin (BTC) has broken $24,000 once again on Dec. 25 as bullish momentum returned for Christmas, which is looking rosy for bulls.
Hitting new all-time highs of $24,600 at publishing time, Bitcoin refused to conform to bearish prognoses, shrugging off lows that resulted from legal action against Ripple.
For some, such a move was expected, coming late in the year when Bitcoin tends to dominate over altcoins before a reversal takes place in January. Among adherents to this view is Cointelegraph Markets analyst Michaël van de Poppe.
“Bitcoin dominance has been topping out in December in the past years. Every year it did,” he summarized on the day.
“The likelihood of this to repeat itself is significant, especially combining this with the current sentiment on altcoins. Bullish for Q1 2021.”
With the holidays beginning, large buy-ins from institutional investors were less likely, these having the potential to dredge up liquidity and boost price performance even higher.
As Cointelegraph reported, however, MicroStrategy, which has holdings in excess of 70,000 BTC, revealed that it purchased small amounts on a high-frequency basis instead of moving the market with a lump sum.
Meanwhile, altcoins are also up on Christmas day, with Ether (ETH) regaining $600 and XRP, fresh from a 60% drop from Ripple’s lawsuit fears, rebounded to $0.35.
In other trending Bitcoin News today:
“Top 6 Bitcoin Price Predictions to Watch in 2021”
While you’re undoubtedly “in it for the technology,” the most popular and hotly-debated topic, particularly as far as public interest is concerned, remains the price of Bitcoin (BTC) and speculating on its value in the future.
Currently, Bitcoin is in a bull market cycle, up over 200% year-to-date and outperforming everything else in 2020 with the exception of a few stocks like Tesla. But this rally seems different than the one in late 2017. For one, the all-time high has been definitively broken. Second, institutions are accumulating — while the public still sits largely on the sidelines.
Six-figure price predictions per Bitcoin are becoming increasingly common for this bull cycle with accelerating central bank monetary expansion as the key driver.
In fact, billionaire investors such as Ray Dalio are beginning to warm to the idea of Bitcoin alongside gold as a way to diversify against what he calls “the depreciating value of money.”
“We are in a flood of money and credit that is lifting most asset prices and distributing wealth in a way that the system that we’ve come to believe is normal is unable to, and that is threatening to the value of our money and credit,” he warned in a Dec. 8 Reddit session.
“Most likely that flood will not recede, so those assets will not decline when measured in the depreciating value of money. It is important to diversify well in terms of currencies and countries, as well as asset classes.”
As Cointelegraph reported in May, Morgan Creek’s CEO Mark Yusko said BTC price could exceed $100,000 over the next year or so. The price has now more than doubled since, but it still has to gain roughly another 300% in the next 12 months to reach six figures.
This estimate echoes the forecast of the popular Stock-to-Flow (S2F) model, which its creator, planB, says continues to be right on track. Last month, planB reiterated that he now has no doubt BTC will hit $100,000 by December 2021 due to a “supply shortage.”
“People ask if I still believe in my model. To be clear: I have no doubt whatsoever that Bitcoin S2FX is correct and Bitcoin will tap $100,000-288,000 before December 2021,” he wrote last month.
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Show Notes / News Resources:
– $24,600 ATH: https://bit.ly/34FvweQ
– Top 6 Bitcoin Price Predictions: https://bit.ly/3piEKFC
– $400K BTC Burst: https://bit.ly/3mIg8og
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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