Bitcoin (BTC) has smashed the $40,000 level on January 7th. The virtual currency was able to double its previous all-time high of $20,000 registered in 2017. After reaching this price level BTC fell to $36,400, a clear support level for the cryptocurrency.
Bitcoin Smashes $40,000
Bitcoin was able to smash $40,000, surpass it and touch for a brief moment $40,300 in some exchanges. This allowed the virtual currency to more than double its previous all-time high of $20,000 registered in 2017.
Bitcoin and other cryptocurrencies have been moving higher in recent days, weeks and months. The entire cryptocurrency market is in a bull trend that seems to be getting stronger every single week. The BTC chart has turned parabolic and many experts consider we are in the middle of the bull run.
Analysts see Bitcoin surpassing even $100,000, or at least, reaching this level. If that happens, Bitcoin would only have to grow 2.63x from $38,000. This is definitely possible considering BTC has registered many times price movements that were explosive and very fast.
According to the Citi technical analyst Tom Fitzpatrick, Bitcoin could reach $318,000 by the end of the next year. This is due to the limited supply of Bitcoin and how easy it is for it to move across borders.
At the moment, several companies are making it easier for users to purchase BTC and other cryptocurrencies. PayPal, Cash App, Robinhood and Revolut are some of the firms that are offering access to cryptocurrencies.
Other cryptocurrencies that moved higher in recent hours included Litecoin (LTC) and Ethereum (ETH). Litecoin is now the 5th largest cryptocurrency, and Ethereum (ETH) is the second-largest after Bitcoin. Ethereum, for example, surpassed $1,200 and got very close to its previous all-time high of $1,400. Meanwhile, Litecoin reached $170 and was certainly ready to move towards $200 per coin.
XRP was able to recover after the legal issues with the U.S. Securities and Exchange Commission (SEC). Cardano (ADA), instead, surged massively by over 56% in the last 7 days and it was able to reach a market valuation of $9 billion a few hours ago.
The entire cryptocurrency market is now euphoric. The main question is related to when this bull market will stop or how far it can go. It is not possible to know that, but analysts have already made their predictions.