Bitcoin soared past the $40,000 mark on January 7, more than doubling its high in the 2017 bull market with weekly gains exceeding 40%.
The top crypto defied bears predicting a retrace after surging for the previous 24 hours.
“Markets are doing great and the bull cycle is starting up nicely here. That means that the market will probably continue running heavily this coming year. With the standard 20-30% corrections, be prepared, they occur and they are opportunities,” explained Cointelegraph markets analyst Michaël van de Poppe.
Sui Chung, CEO of CF Benchmarks, which is the FCA-regulated indices provider used by CME, told Cointelegraph, “Less than a month after bitcoin broke through $20K its price has doubled to $40K. It’s now hard for anyone to deny we are seeing the maturation of a whole new asset class, This could be the ‘broadband moment’ for cryptocurrency – where every company and individual needs to think seriously about how they engage and interact with cryptocurrency.”
Barry Silbert, former CEO of asset manager Grayscale, tweeted, “Funny to think that a bitcoin price retrace to $20,000 would feel like the buying opportunity of a lifetime.”
Where to from here?
Prominent analyst PlanB, whose Stock-to-Flow model predicts that bitcoin’s price will be somewhere between $100,000 and $288,000 by the end of 2021, tweeted, “If history is any guide we could see $100K in 3-8 months.”
Bitcoin guru Max Keiser’s prediction is in the same range. The host of RT’s Keiser Report, who has been imploring his viewers to buy bitcoin since it was $1, told Daniela Cambone of Stansberry Research that it would hit $220,000 by the end of 2021.
Bitcoin’s price at the time of publication was $39,174, according to CoinMarketCap.