Following a weekend dip into mid-$18K territory, Bitcoin prices have recovered to top $19K once again and are currently trading just below $19,300.
A range-bound channel appears to have formed in this range as the asset fails to top the psychological $20K barrier. It’s highest price as recorded by Tradingview.com was a touch over $19,900 on December 1 though some exchanges may have reported higher prices due to local demand.
Big Bitcoin Weekly Candle
A number of analysts have observed that Bitcoin has closed its highest ever weekly candle after spending almost a week above $19K. During the 2017 pump, BTC only managed three days above this price resulting in long wicks on the weekly candle.
It’s official. #Bitcoin has just taken out its weekly on-close All Time Highs from December 2017
It took just 3 short years to completely reinflate the supposed “Largest Bubble in History”
NOT TULIP MANIA!
— Mr. Anderson (@TrueCrypto28) December 7, 2020
Some commented that the close fell short on Coinbase but other exchanges such as Bitstamp and Bitmex made all-time highs on the weekly close.
Macro investor Dan Tapiero, co-founder of 10T Holdings, commented on the monumental rally Bitcoin has made since the Coronavirus induced market crash in mid-March, adding that a repeat could send prices into six-figure territory in the next year or so;
“Remarkable to think that just 9 months ago bitcoin was at 4000. Almost a 500% rally to today. 500% rally from here puts us at 100k btc. Don’t think it can happen in 9 months but it would just be replicating what it’s done in past 9 months.”
The crypto ecosystem is overwhelmingly bullish at the moment with comments from industry heavyweights such as Cameron Winklevoss;
I still get ask the question of how do you value #bitcoin even by highly sophisticated investors. The answer is super straightforward: supply and demand. That’s it. And we know the supply is fixed at 21million so it really comes down to demand.
— Cameron Winklevoss (@cameron) December 6, 2020
A six-figure rally in the next 12 months seems a little farfetched, but if BTC can break the current barrier it could easily jump 50% or so in a short space of time.
Elsewhere on Crypto Markets
Total market capitalization expanded by almost $20 billion over the weekend with a climb to $565 billion according to Tradingview.com. It is still hovering around its highest level since January 2018 but remains 47% away from that peak above $830 billion as the altcoins have been underperforming this time around.
Ethereum has retreated back below $600 to trade in the mid-$590 range while the rest of the crypto top twenty have made very little movement over the past 24 hours. Another week could bring more big moves especially if big brother can break through its barrier just $700 away.