Bitcoin price hits $40,000 less than three weeks after shattering $20K

Bitcoin (BTC) hit $40,000 on Jan. 7 in the latest psychologically significant milestone for cryptocurrency bulls.

BTC price crushes the $30,000 corridor in record time

Data from Cointelegraph Markets and TradingView confirmed BTC/USD officially hitting dizzying new highs during trading on Thursday, bringing weekly gains to more than 40%.

BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView

In just one of various achievements for Bitcoin this year, the largest cryptocurrency conquered bearish prognoses of a retraction after rising rapidly throughout the past 24 hours.

As Cointelegraph reported, Bitcoin’s NVT ratio led signals suggesting that the bull run was far from over, and likely only beginning.

According to Cointelegraph Markets analyst Michaël van de Poppe:

“Markets are doing great and the bull cycle is starting up nicely here. That means that the market will probably continue running heavily this coming year. With the standard 20-30% corrections, be prepared, they occur and they are opportunities.”

“Less than a month after Bitcoin broke through $20k its price has doubled to $40k.  It’s now hard for anyoneTitle: Bitcoin price hits $40,000 less than three weeks after shattering $20K
Sourced From: cointelegraph.com/news/bitcoin-price-hits-40-000-less-than-three-weeks-after-shattering-20k
Published Date: Thu, 07 Jan 2021 18:11:12 +0000

Michael Young

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