After almost three years of patiently waiting, investors of the world’s largest cryptocurrency have celebrated a new record high on Monday after the price soared past $19,800, topping the previous all-time high registered in December 2017.
Bitcoin Explodes To New All-Time High
November 30 is a day that is going to be forever etched in the memories of bitcoin investors as it’s the day that the bitcoin price soared past the highs of the famous crypto mania of late December 2017. According to data on the Bitstamp exchange, the bitcoin price hit highs of $19,844 before retracting to $19,379.55 at the time of publication.
Notably, the cryptocurrency has managed to fly in the face of skepticism from critics like Peter Schiff who have incessantly compared bitcoin to a bubble on the verge of popping.
Bitcoin has been on a somewhat steady uptrend since October when PayPal announced its foray into the crypto market. Further investments and endorsements from a plethora of tech companies and traditional finance legends have added fuel to the bitcoin rocketship.
Bitcoin suffered a minor dip last week but has since moved back to bullish. As aforementioned, the cryptocurrency has made history with a fresh lifetime high.
Following bitcoin’s impressive run to a new high, crypto strategist at Kraken exchange, Pierre Rochard, has suggested selling other assets to purchase more bitcoin.
As it is well-known, long-term investors have weathered a severe bearish market cycle. The few investors that have remained resilient despite the deep pullbacks along the way are having a party as bitcoin has skyrocketed 175% this year alone.
As usual, bitcoin perma-bear Peter Schiff waded in with his sentiments, suggesting that the bitcoin price rallied to a new ATH due to a mere rumor.
Is A Move Past $20,000 Likely?
With bitcoin smashing previous all-time highs, the crypto community is speculating about what could come next for the cryptocurrency.
Crypto analyst Josh Rager, who also doubles as the co-founder of Blockroots, has noted that bitcoin’s drawdown to $16K lows on November 25 was “an epic bear trap” to shake out weak hands before the surge to $20,000.
Bitcoin’s recent ascent is believed to be driven by the increasing appetite among institutional investors. Interestingly, Grayscale Investments and PayPal have been purchasing more bitcoin than miners can produce in a day.
According to the managing director at Grayscale, Michael Sonnenshein, the bitcoin price is “just getting started” based on the mammoth inflows at the fund.
Meanwhile, Cameroon Winklevoss believes bitcoin has the potential to rise 25X from $19,000 as it dethrones gold.
However, not everyone is a sunny optimist about bitcoin’s next move. The creator of the popularized Bollinger Bands, John Bollinger has cautioned over a “classic top setup”. He postulated:
“OK, time to pay attention, $BTCUSD. That is a classic top setup. No confirmation yet and the setup could easily be overrun, but wise traders should wash their glasses.”
When asked by a Twitterati whether this is a local top or if the bitcoin price will slump from here, he responded: “For now, a potential local top”.