Bitcoin Thrives $30,000 as Bulls Bang It Past the Psychological Level
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Bitcoin Thrives $30,000 as Bulls Bang It Past the Psychological Level

January 2, 2021      Varinder Singh

Bitcoin (BTC) has hit another all-time high of $30,000 today as the bullish outlook continues to push institutional investors into the regime. The projection of a $30,000 price target was made seeing BTC had already beaten the $20,000 psychological level. At the time of writing, the current price is $30,231

According to the data by CoinMarketCap, the market cap of Bitcoin fluctuates around $555 billion and the volume continues to rise due to widespread BTC adoption and trust in the market. Bitcoin’s market cap is now more than Visa, Berkshire Hathaway, and Samsung.

Bitcoin to Build Consolidation Near $30,000 Psychological Level

2020 brought drastic changes in the crypto world. Bitcoin flying past the $29,000 level from its 52-week low of $4,106 to growing almost 4 times within the 12 months period to a 52-week high of $28,874. According to the latest reports by Bitcoin Treasuries, almost 29 companies such as MicroStrategy, Grayscale Investments, and Square have included Bitcoin in their investment portfolios.

The New Year started with a bullish sentiment for Bitcoin as it reached yet another ATH of over $29,600. Moreover, the Bitcoin rally seems to continue in 2021 as well.

Will the Momentum to Continue in 2021 for $100K

The initial bull run of the cryptocurrency ignited in October when its price was just about $10,500. Various analysts and Bitcoin whales believe the 100k level is just a stone’s throw away. Tom Lee of Fundstrat recently had an interview with CNBC and he sounded highly bullish of Bitcoin price to be 100,000 in 2021. 

Although Twin Bitcoin advocates, Tyler and Cameron Winklevoss, the co-founders of Gemini Cryptocurrency exchange, are two of the top personalities in the space who has an unshaken belief that the price of BTC will one day hit $500,000.

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Varinder Singh
Varinder Singh

Varinder is a technical writer, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about blockchain, cryptocurrencies, artificial intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period, and is currently covering all the latest updates and developments in the crypto industry.