- Bitcoin has reached a new all-time high of $35,760 and recovered from the price crash to $27,700.
- Experts in the industry predict a further rise in the price towards the $40,000 mark.
The Bitcoin price continues its brilliant bull run of the last weeks and has risen to a new all-time high of $35,760. With this, Bitcoin shows that the correction to $27,700 a few days ago has been overcome and possibly the next price target could be $40,000. Within the last 24 hours, BTC draws a gain of 12.5% and stood at $34,867 at the time of writing. The market capitalization has climbed to $656 billion.
Blockroots founder and Bitcoin trader Josh Rager elaborates that Bitcoin continues to rise and could soon break the $40,000 mark. In his opinion, investors should “get used to Bitcoin breaking a lot of new records this year.” However, he clearly points out that a correction could follow, resulting in a 20% to 30% drop in price.
Another Bitcoin high – get used to seeing this over the next year pic.twitter.com/FwXh7OWQC6
— Josh Rager 📈 (@Josh_Rager) January 6, 2021
Other experts, including “yTedd”, predict a sustained upward trend towards $40,000. Bitcoin has risen by $2,000 in a short period of time and the bulls are pushing BTC as “if there are no more resistances”. However, the trader advises his community to keep an eye on the altcoin market as well, as Ethereum and other projects are also seeing strong increases.
Bitcoin pumping 2,000$ like its nothing
— yTedd (@TeddyCleps) January 5, 2021
According to “il Capo Of Crypto”, Bitcoin will set new records this year, for which the market and a large part of investors “are not prepared”. In his opinion, Bitcoin has the potential to crack the $40,000 mark within a few weeks. Currently, there are no resistances, as the last mark at the level of $34,700 was also broken a few hours ago.
I think most people are not prepared for what is coming.
— il Capo Of Crypto (@CryptoCapo_) January 5, 2021
The announcement that banks in the U.S. can now use public blockchains, and thus stablecoins, to process transactions is seen by insiders as an important adaptation step. Bitcoin trader “Jonny Moe” believes that the launch of Kraken as a crypto bank in Wyoming as well as the regulatory action will flush new capital into the market:
When you consider the precedent combine @krakenfx in Wyoming converting to a bank and the @USOCC guidance yesterday allowing banks to interact with public blockchain and stablecoin rails, it is only a matter of time before we see seamless bank account-crypto account integrations.
In addition, payments giant PayPal will roll out Bitcoin, Ethereum and other altcoin integrations to its digital wallet for users in Europe during the first quarter, so this will also give many new millions of customers easy access to cryptocurrencies. This wave of adaptation as well as the hunger from institutional investors could therefore continue to act as a catalyst and drive prices further.
Altcoin rocket: Stellar Lumens “takes off for the moon”
As numerous traders have noted, there are several projects in the altcoin market that also currently offer strong profit opportunities. The Stellar Lumens (XLM) price has risen 60% to $0.26 in the last 24 hours. A decisive factor for this is certainly the announcement of the Ukrainian government to build a CBDC as well as a digital currency ecosystem based on Stellar. According to trader “Jonny Moe”, Stellar has also benefited from the SEC’s lawsuit against Ripple, as the Stellar Blockchain offers similar technical features and performance to XRP.
— Jonny Moe (@JonnyMoeTrades) January 6, 2021
Other “big gainers” within the top cryptocurrencies currently include Ethereum and Cardano. The former has climbed by almost 10% to $1,103 within the last 24 hours. Cardano is up 22% to $0.27.