Bitcoin is currently on the brink of forming a new all-time high above $30,000 despite trading at less than $4,000 just nine months ago.
The world’s largest cryptocurrency is now firmly in a bull market as a result of an influx of institutional investment and the poor performance of the US Dollar.
After taking out the previous all-time high of $20,000 with consummate ease, Bitcoin is now seemingly on track with the stock-to-flow model that factors in this summer’s halving event, which saw block rewards for miners slashed from 12.5BTC per block to 6.25BTC per block.
This, coupled with a significant increase in demand, has caused a sell-side supply shock just as it did in 2017.
With sell-side liquidity being so sparse, it paves the way for a strong first quarter in 2020 with several analysts suggesting that $35,000 may be on the cards sooner rather than later.
From a technical perspective, Bitcoin continue to be overbought on the RSI to suggest that a pullback may come into fruition in the New Year, with the $24,000 level of support being a likely target to the downside.
The $24,000 level is also in confluence with the daily 21 exponential moving average, with this particular EMA providing a bounce in late November and earlier this month.
If, however, Bitcoin manages to surge above $30,000 without any form of correction, it will likely continue its parabolic advance over the coming months with upside targets emerging at $64,000 and as high as $100,000.
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Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.