Bitcoin touched $28k today briefly which is a record price for the digital asset. The price index has since come back to below $27k but the outlook is still in deep bullish territory despite the minor pullback. Now a Bitcoin bull run around this time period is nothing new but after quite a few years of bearish set ups, the cryptocurrency is now finally bullish around the New Year. This one is particularly interesting to witness as for many traders, the bullish setup has only just started. So, we may yet see more dramatic action over the next four days. Here is what analysts had to say regarding future predictions of the cryptocurrency’s price index.
Will it Reach$30k?
$30k is a figure that is creating a lot of buzz around the space. Some believe that the cryptocurrency will reach this milestone for sure. Some believe that the $30k index will be achieved on 30th. This $30k on 30th has become quite a big buzzword.
Retweet for 30k #BTC by the 30th
— Stacking (@StackingUSD) December 26, 2020
While the interest around the cryptocurrency is at high levels, it still hasn’t reached the records that were set last time around according to this handle:
Google Trends data:
Searches for ‘buy #Bitcoin‘ are around 1/5th of their all-time peak
Will searches eventually 10x the last peak? It has begun. pic.twitter.com/MUgRfPsvlD
— Alistair Milne (@alistairmilne) December 26, 2020
Will the Bullish setup Run out of Steam?
However, some traders believe that the price index around the New Year’s eve will be lower than the current $27k-ish level because a price pullback in on the cards. The RSI is just around 90 which is considered highly overbought, but to be fair, RSI does tend to remain high during extended bull runs.
According to this Twitter handle;
$BTC Bull cycles in full effect with a confirmation on Dec 25th 7pm EST
Would be ideal to sweep monday low – reclaim & long back up.
If she doesn’t give me that setup, I will long a break above weekly open.
Trade safe – Holidays are here & books are thin ✌️ pic.twitter.com/IIq25vHUG3
— Crypto Leo (@CryptoLeos) December 24, 2020
Where will it Actually Go?
While the overall setup is not going to be negated because of minor pullbacks, it does seem like another one will be in the cards in the near future. However, $28k doesn’t seem like the peak value of the cryptocurrency yet so we may see a move to $30k followed by a pullback because of high number of short orders around that figure. In the long-term, the cryptocurrency is in deep bullish territory and may continue to make gains both against the USD and other cryptocurrencies.