- In our latest Bitcoin price alert, it has reached new heights in recent weeks and climbed to over $19K on November 24
- BTC’s bull run has caused a trading frenzy in the crypto community, spurring whale sell-offs that caused peaks and valleys in BTC’s price in recent days
- Investors are bullish on Bitcoin’s potential to break through $20, and their sentiment is bolstered by numerous factors, including media coverage
At the time of this writing, Bitcoin (BTC) is trading at $19,066.88 USD with a market capitalization of $355,099,217,215 USD on Coin Market Cap. You may have read that BTC reached new heights recently, continuing its reign as the crypto world’s top digital asset.
Last week, Bitcoin broke through $19,000 since December 2017, making its year-to-date gain to 177%. BTC specifically hit $19,857.03 on Coin Market Cap on November 24. This milestone comes after two months of rallying around 80%. BTC also rebounded from a Thanksgiving crash.
That was until December 1, when Bitcoin set a new all-time high above $19,892 on Coinbase and Tradingview. Indeed, BTC’s price has varied depending on the exchange platform. BTC futures hit $20K that same day. One thing is certain: Bitcoin’s future looks bright.
Renewed Media Interest
Unsurprisingly, this price action also shot up Bitcoin’s market cap, surpassing JPMorgan for the first time. When the markets closed on Nov 23, JPMorgan’s market cap closed at $349 billion. Bitcoin’s market cap had reached $352 billion in the same time frame. Although, the former has shot back up to ~$368 billion. Earlier this year, JPMorgan’s market cap sunk to $258 million
But if Bitcoin can beat them once, then a second time is likely in view. Bitcoin even made the homepage of the Wall Street Journal after a prolonged snub from mainstream news outlets. But crypto heads knew it was only a matter of time. November saw a spike in social media sentiment about cryptocurrencies, and Google Trends shows that the keyword “Bitcoin” has been 15% of its 2017 peak.
It seems BTC gains enough media attention when it’s on a parabolic bull run. But what caused this uptick in price?
Three Factors Fuelling BTC’s Bull Run
The first reason is the amount of Bitcoin whales. As BTC climbed upward and consolidated at key support levels, whale clusters formed waiting to cash in for a big payout.
The second reason is supply and demand. There is not enough BTC supply to go around. Crypto trader Byzantine General tweeted the evidence. Everyone is trying to get their hands on this asset during a bull run, shooting its price higher.
The third reason is BTC’s high volume. Institutional and spot exchanges have ballooned their trading volume since September. Luckily, the spot market has spearheaded Bitcoin’s rally, as opposed to the derivatives or futures markets, which makes the rally less vulnerable to massive corrections.
That last point is the reason why everyone is focused on Bitcoin right now – its bull run is more stable and sustainable than it has been in the past. This difference makes it easier, or at least, more likely, that traditional finance institutions will adopt cryptocurrencies. After all, the crypto market is highly volatile, so any indication of stability will offer risk-averse organizations more peace of mind.
Such stability is seen in Bitcoin’s analogy that the coin is digital “gold.” That analogy seems to have normalized, and might be more widely accepted as Bitcoin inches towards $20K. Additionally, Bitcoin as digital gold might have profound effects for BTC holders if the analogy holds true.
At least, that’s what Gold Bullion International co-founder Dan Tepiero thinks. Specifically, he actually thinks Bitcoin will be bigger than gold in a few years.
Bitcoin Price Alert – Where Does It Go From Here?
Investors are keen to see Bitcoin break through $20K, but there are some hurdles. For one, there was a sudden sell-off on December 1 as the price closed in on its record high, sending Bitcoin on a nosedive to ~$18,998 within two hours.
Still, analysts expect BTC to break through the $20K threshold on its next rally. The coin’s Relative Strength Index (RSI) in its 1-month chart sits at a neutral 69. An asset is considered overbought if it reaches past 75 RSI.
If BTC sinks below $19K, some traders believe that a price correction would still be likely.
Others, like statistician Willy Woo, believe BTC could reach $300K in a year’s time. He’s not the only bull with such optimism. PlanB forecasts a modest $100K price by December 2021. Meanwhile, the Realized Profit/Loss index, curated by Glassnode, forecasts a hefty $590K within a similar timeframe.
And in an example of Bitcoin’s widening reach, investor Mike Novogratz told actress Maisie Williams, best known for her role as Arya Stark on the HBO series Game of Thrones, that BTC would reach $20K and then $65K. Williams soon invested.
In recent weeks, all eyes have been on Bitcoin. With whale clusters, volatile price drops, and renewed media coverage, crypto heads are rejoicing that a new era for BTC might be starting.