Bitcoin bulls are not going to stop. Bitcoin Price surged to its all-time-high over $27,000. The signs are showing that Bitcoin may hit $30,000 or even higher targets. Many traders and investors believe Bitcoin is unstoppable and the current bull run will continue to reach new targets.
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Bitcoin is going to set a new all-time-high in the latest rally
An analyst named “Bitcoin Jack” tweeted about Bitcoin price today. He explained the current bull run as one of the wildest runs. However, he stated that the current price has potential to experience a strong correction.
Basically, this analyst believes that the sharp price jump from $26.6k to $30k is a price range, which a potential decline may occur. He added that if price falls below diagonals for another time, it could be a confirmation for a heavy correction. On the other hand, if correction doesn’t happen, the price may surge to $36,000 or $42,000.
Bitcoin is unstoppable; Reasons Behind price surge
Based on fundamental point of view, there have been several reasons, which boosted price to become double since early November. Perhaps it seems that charts are similar closely to 2017, but truth is things are totally different this time. Even Kraken’s Dan named the new condition a “supercycle”. He believes that this cycle is not a normal bull/bear cycle. In fact, Bitcoin is going to break all the previous cycles and enter a new era.
This “supercycle” consists of COVID19, Institutional attack to the market, Gold 2.0 narrative and ease of use. All this factors set a new stage.
Held talked about Satoshi Nakamoto and mentioned what he wrote over decade ago. Satoshi stated that the more users join Bitcoin market, the more price will surge and the value of the coin goes up. As a result, more users will join due to price surge and this cycle will continue.