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Bitcoin Smashes $41K Effortlessly, $50K Anytime From Now!

Highlights

    Bitcoin price surged massively crossing $41K after a couple of rejections at $40K and strongly heading towards the next set target at $50K

    The market capitalization of Bitcoin surpassed the market cap of the leading tech giant Facebook to become 9th largest asset and on the verge of flipping the market cap of Tesla

    The rally is expected to hit $50K anytime from now, however, the long term target for Bitcoin price remains at $100K in 2021

Bitcoin Doubles within a month after surpassing $20K

Bitcoin the most dominant crypto yet showcased its dominance in the crypto market by hitting 70.8% dominance share. The rally mirrors the similar movement of the 2017-18 Bitcoin bull rally, where-in the BTC price touched its peak within days of bull run initiation.

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Currently, Bitcoin price was attempting hard to touch $20,000 and was rejected multiple times in between $19K and $20K. As the price crossed $20K, on 16th December, it had a historical bull run by doubling the price within a month.

At the time of the writing, the BTC price is $41,261.64 with a jump of 9.45% with a jump of nearly 25.75% in the trading volume that stands at $98,140,150,578. Also, the bitcoin active address has hit its all-time high as per the data on the analytics platform Glassnode.

Bitcoin Flips the Resistance Level into Support

The current bitcoin bull rally is surging massively where-in the technicals have very less role to play. As the current price chart has no resistance levels, the FIB levels were considered as the resistance level at $40K as per analysts, Ivan on Tech.

However, the massive bull rally flipped the resistance level into support levels at the same levels. As per the analyst, the next target to hit is in between $46,000 and $47,000. However, many analysts believe and hope the bull runs to hit $50,000 very soon before any correction or retracement phase that might pull back the price below $40,000 again.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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