Bitcoin BTC, the cryptocurrency king, hit its all-time high of $19,857 on the 1st of December.

It broke its previous record of $19,783 from December 2017. Crypto analysts expect the BTC market to see more green light in the upcoming year.

The crypto market, led by Bitcoin, has been under a continuous surge from September 2020.

Bitcoin price chart (5-Year)

BTC HITTING ALL TIME HIGH - 2021 Great Year for Crypto
BTC HITTING ALL TIME HIGH – 2021 Great Year for Crypto

Bitcoin price chart by Trading View

Bitcoin has finally been able to see a price ascension similar to the one that it saw in 2017. At writing time, the coin was priced at $18926.97 on Bitstamp.

Why has Bitcoin been so bullish lately?

There are many reasons that have made the cryptocurrency reach its all-time high. While the pandemic in itself has added to the trade market’s uncertain behavior, the cryptocurrency has been lauded by famous Wall Street analysts over the past few days. Recently, PayPal has also allowed users to purchase BTC.

The cryptocurrency has seen a price surge of over 160% in 2020 due to this acknowledgment and adoption by major buyers, investors, and institutions.

Per JPMorgan’s report, big investors have also been using commodities markets to speculate on Bitcoin’s price.

The growing adoption of blockchain technology and blockchain platforms has only paved the way for the growth of cryptocurrencies over the past couple of years. Analysts are of the opinion that Bitcoin, along with the rest of the crypto market, will see substantial price growth in the upcoming year 2021.

Anthony Pompliano is a crypto investor who believes that the cryptocurrency has the potential to rise to the $100,000 mark before 2022. Pompliano explained that the demand for BTC has been increasing rapidly, and with such low-interest rates, the cryptocurrency has been able to skyrocket over the past few months.

Other analysts like Tom Fitzpatrick from Citibank believe that the cryptocurrency could hit $318,000 before 2021 concludes, and BTIG analysts expect the price to hit the $50,000 mark by the end of this year. Fitzpatrick also referred to Bitcoin BTC as the “21st-centurygold”.BTC ALL TIME HIGH PIC 2

The technical indicator movement for BTC

Bitcoin price chart by Trading View

The BTC market has been riding the upper Bollinger band for a while, and the Relative Strength Index (RSI) stands in the overbought region at 83.32. This shows that the cryptocurrency is overbought and may be due for a pullback ahead.

The Moving Average Convergence Divergence (MACD) line is still above the signal line while both of them appear to be ascending. The histogram size is increasing as well, which means that the cryptocurrency is still under a bullish bias in the long-term.

Many Trading View analysts expect the BTC price to continue its ascension in up-channels. The next possible short-term targets for Bitcoin lie in the $20,500 to $21,000 range, and the BTC market dominance has showcased its potential to ascend more than ever.

Analysts have recommended traders to pay more attention than ever to the digital gold at hand.

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