Summary:
- Bitcoin has set all-time highs on two consecutive days
- Bitcoin’s most recent all-time high is $25,035 – Binance rate
- The King of Crypto shows no signs of slowing down with $26k and $27k in sight
- 2021 will be a year of Bitcoin continually setting all-time high values as it meets the numerous price predictions
Bitcoin provided the perfect Christmas present yesterday, December 25th, by posting a new all-time high value of $24,684 – Binance rate. Before the euphoria had settled, The King of Crypto did it once again today, December 26th, by breaking the $25k price ceiling and setting a new all-time high of $25,035 – Binance rate.
$26k Could be Next for Bitcoin
By breaking the $25k price ceiling, Bitcoin has broken all estimates on how it would end the year. Bitcoin breaking $20k was bullish enough for 2020 but $26k and $27k seem possible as we roll into the new year.
The scenario of $26k and $27k was explored by the team at Crypterium analytics in their most recent market analysis of Bitcoin in which they pointed out that if BTC consolidated above $24k, chances are that it could go to $26k and $27k. Their exact analysis was as follows.
Stochastic has a strong uptrend and is likely to break through the overbought line and continue to move up.
If this happens, then we will see not just new growth, but a strong jump, which was in last time when Bitcoin broke through $20,000. Therefore, if we break through and consolidate above $24,000, then with a high degree of probability the price will go to $26,000. This will be the first stop, and then the market could go up to $27,000.
Bitcoin Dominance Could Finally Break 70%
The recent news of the SEC suing Ripple had a ripple effect on all altcoins with a majority of them losing value in tandem with XRP. The dip by altcoins caused the Bitcoin dominance to spike briefly above 70% according to Tradingview.
At the time of writing, the same Bitcoin dominance stands at 69.90% and could very well push higher thus maintaining a value above 70%. The latter value could very much materialize in the scenario where additional crypto exchanges opt to halt trading and deposits of XRP as Bitstamp did yesterday. Such announcements will definitely have an effect on the crypto markets.
Therefore, trading of altcoins should be done with caution. The first quarter of 2021 might kick off on a shaky footing for altcoins with Bitcoin being the only sure bet till the dust settles for XRP. With respect to BTC, 2021 might be the year its numerous price predictions materialize. At its current rate of increment, $50k, $90K and $115k all seem possible by the end of 2021.