Bitcoin Price hits new record! The top cryptocurrency has gained over $5000 in value. The leading cryptocurrency set a new all-time high above $34,000 on top exchanges.

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The start of 2020 seems to be great for Bitcoin ! BTC price has been seeing a lot of action as the price rebounded strongly, touching near its previous all-time high (ATH) at $34,000.

Bitcoin Price Analysis

Bitcoin is pulling back from its record highs. The cryptocurrency briefly dipped below $30,000 Monday, just two days after breaching that level for the first time.

Bitcoin slumped as low as $29,316 at around 5:40 a.m. ET Monday, down 12% in the last 24 hours. It soon lifted back above the $30,000 level but was still down over 10%.

Also Read : What Bitcoin Price Will Look Like in 2021?

Since the opening of today’s candle, Bitcoin went on a rollercoaster, dropping around $5,500.The immediate support is at $28,000 and if the top cryptocurrency fails to hold that, BTC might see its price retrace to $24,000.

BTC price poised to hit $50k 

Popular crypto strategist and analyst with Twitter handle @IvanOnTech predicts that bitcoin price will hit  $50k in 8 weeks. The analyst also shared a graph saying that Bitcoin Could Retest Support at $26,400! And Would Be Bullish Confirmation of Breakout.