New Bitcoin All-Time High Could Push Price Higher

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Bitcoin attained a new all-time-high in the past 24 hours, pushing the price to above $19,700 on several platforms for one coin at a certain point. At the time of writing, it is trading for $19,500.

Most analysts were surprised that only four days after Satoshi Nakamoto’s invention lost some $3,000 in a 15% fall, the coin clawed its way back easily and seemed to rein in a new altseason as well. By now, Ethereum is trading above $600 again as well. Several other known coins are also recuperating their losses of the past days.

Craig Erlam, an analyst at Oanda, commented:

We’re moving into unknown territory for prices, and this little boost could push the price even higher.

Covid-19 Vaccine

Along with the recent passing of 30,000 by the Dow Jones Industrial Average, still the star index of the New York Stock Exchange, Bitcoin had already traded near its record of $19,000, last attained during the infamous ICO bull run of 2017.

🔴 My fellow bitcoiners, the bull market is upon us. Like clockwork November red dot closed above all other red dots .. at $19,700 .. a new #bitcoin ATH. This is just the beginning. We will see volatility (e.g. -35%), but also new ATH’s. Enjoy the ride!🚀🚀🚀 pic.twitter.com/27fmkCOoEY

— PlanB (@100trillionUSD) December 1, 2020

It comes as there is a wave of purchases on all markets, provoked both by the economic stimulus measures put in place by the European central bank in order to counter the Covid-19 pandemic effects on the economies of the 28-member-states of the union, and the discovery of several vaccines to treat the disease. Furthermore, it is widely expected that the US government will soon approve a second stimulus package as well.

Apart from real estate, BTC is my single biggest position as a % of assets, but nothing close to the commitment Raoul has made.

— Peter Brandt (@PeterLBrandt) November 30, 2020

Legendary trader Peter Brandt, who’s known to be a Bitcoin bull ever since he noticed a “big buy” signal in the graph this year, revealed that next to real estate, Bitcoin is his biggest holding at the moment.

March madness

Bitcoin looked to be set for a very rough year when in March, at the onslaught of the European lockdowns during the first wave, it lost some 50% of its value in a day and traded near the $4,000 level at the time. Ever since then, the most famous cryptocurrency has been able to regain all its losses and reach for a new all-time-high. The betting period is open for where Bitcoin will end the year.

Let us know in the comments below where you think Bitcoin will trade on 31 December 2020.

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