Bitcoin (BTC) continued its strong gains over the holiday weekend, surpassing $27,000 on December 27. In addition, the market value of Bitcoin surpassed half a trillion dollars for the first time.
Bitcoin’s market value exceeds $500 billion
Less than three days after breaking the resistance at $24,000, Bitcoin’s new record high came. This also means that the BTC price has doubled in the past two months, rising by nearly $1
Bitcoin’s market value now exceeds 510 billion U.S. dollars, second only to Warren Buffett’s Berkshire Hathaway, which is the tenth largest company in the world. It exceeds Visa’s market value in less than a day.
As Cointelegraph reported, this weekend’s surge caused the price of Bitcoin to exceed the average trend line of the popular stock-flow model (approximately $24,900), which predicted a target price of $100,000 by December 2021.
At the same time, the current bull market cycle seems to be different from 2017 and more sustainable, and many traders expect more room for upside in the coming months. Reasons for this situation include: institutional buying frenzy, strong fundamentals, reduced supply available on exchanges, and still relatively small interest from retail buyers.
However, this does not rule out the possibility of a major correction in the short term, especially when the BTC price seems to be booming towards the next psychological resistance level of $30,000.
Cointelegraph Markets analyst Michael van de Poppe warned on December 27: “Vertical movements usually end up with rapid corrections (remember the summer of 19)? These rapid corrections were made to establish a range of horizontal fluctuations.”
Don’t be cut off for correction. The bull market will last longer. Have a longer field of view.