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As the year wraps up, Bitcoin price bagged a new all-time high smashing past $29,000 USD. If the price continues upwards, the cryptocurrency could reach $30,000 USD as the new year kicks off. Following a minor correction earlier this week, the price of Bitcoin hit another increase rallying to a new record price.
Bitcoin price in the past week
Looking at the chart over the past seven days, we can see Bitcoin’s rapid rise in price, minor dip and then further increase in trading. Moving from a price below $24,000 USD to over $29,000 USD, experts are both bullish and cautious about the short-term future of the cryptocurrency given the unprecedented price.
In the past week, Bitcoin price has seen a low trading price of $23 463,67 USD and a high of $29 180,10 USD. In different, Bitcoin’s value has surged by nearly 25% in just seven days of trading.
What do trading experts predict for Bitcoin price?
While many bullish trading analysts are predicting Bitcoin price to hit above $30,000 USD to break through new resistance barriers, others are less optimsist about the data before Bitcoin can reach past $30,000 USD. Nunya Bizniz, popular trading expert indicates that anything more than $30,000 USD might be overextended owing to the 1.618 Fibonacci retracement, which sits is at $30,196. As stated:
BTC Monthly:
1.618 Fib Ext in the cross hairs! pic.twitter.com/EInuTO24k6
— Nunya Bizniz (@Pladizow) December 30, 2020
Cryptocurrency analyst Michaël van de Poppe, on the other hand saw $27,500 USD as the critical region to break. Since Bitcoin has sent past this, he predicts the token to smash new all-time highs:
Well, a lower timeframe chart analysis on the recent movements of #Bitcoin.
The downtrend for now, crucial breaker at $27,000-27,500. If that breaks -> new all-time highs.
Support is looking heavy as it has been tested a few times.
Next area around $24,500 if $26,000 is lost. pic.twitter.com/vZMmiIw5wV
— Michaël van de Poppe (@CryptoMichNL) December 29, 2020