Bitcoin price still volatile – When will a new all-time high come?

  • The Bitcoin price continues to be volatile and stands at $37,245 at the time of writing.
  • Experts are divided on whether Bitcoin will continue its bull run or whether there will be a correction to as low as $29,000.

Bitcoin continues to move sideways and shows high volatility. Within the last 24 hours, the price recorded a gain of 2.74%, to a price of $37,245. The market capitalization has risen to USD 685 billion and Bitcoin dominance has slightly increased again to 66.27%.

Bitcoin trader “yTedd” warns that Bitcoin could be drawing a bullish chart pattern now, only to enter a sharp correction afterwards. In this scenario, the “weak hands” would be weeded out and the price would fall further through panic selling. The whales could re-buy cheaply and subsequently drive the price up to $50,000.

“Jonny Moe”, on the other hand, predicts that Bitcoin has almost finished the consolidation phase and after that it could test the $50,000 mark in the next few months. In his opinion, only after reaching this psychologically important mark will a strong correction follow, during which Bitcoin could fall in price by up to 50%, causing a major wave of panic selling.

“CRYPTO₿IRB”alsodescribes that Bitcoin will continue to rise in 2021 as fundamentals remain bullish. He believes a price rise to $50,000 by the middle of the year is realistic, but Bitcoin will first need to crack the strong resistance along the $42,000 level to do so. Ethereum could also reach a new all-time high in the coming weeks and could even rise more than Bitcoin, according to the analyst.

“Cantering Clark” also states that Ethereum has a stronger upside and could soon crack the former all-time high of USD 1,450. In his opinion, more and more institutional investors will enter Bitcoin and Ethereum, acting as a catalyst to push prices higher.

In turn, professional trader “Salsa Tekila” has sold all his Bitcoin at $37,100 and expects the price to fall again in the price range between $34,000 and $29,000. According to him, Bitcoin can attract new buyers only after this correction and target a new all-time high far from the $42,000 mark.

Cryptoquant CEO Ki Young Ju also expects a correction, as according to his data, some well-funded investors have transferred large amounts of BTC to Coinbase and may sell their holdings in the coming days. He advises his followers to be vigilant as this is a good entry point to buy bitcoin cheaply.

Fund managers are investing more in bitcoin

UK-based fund manager Ruffer Investment revealed that their Bitcoin positions are up 90% at this point. This means that the investment giant has been buying bitcoin below the $20,000 mark. The company still owns 4009 shares of MicroStrategy and 350,000 shares of Galaxy Digital. While these shares have outperformed Bitcoin by 10%, MicroStrategy’s shares have only risen sharply after CEO Michael Saylor instructed it to buy $1.2 billion worth of Bitcoin.

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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