January 2nd, 2021, the Price of BTC surges past $30,000 and in a parabolic run goes up to $32.5k. At the time of writing this article, Bitcoin has gained more than 10% during the last 24 hours and is trading around $32,500. What`s next? Should we be waiting for a correction or more bullish run is on the way?
Once the price of the Top cryptocurrency crossed the $30,000.00 mark, something that it had been struggling to do during the last few days, it exploded upwards like a Rocket, hitting a new all-time high of $32,966. Bitcoin Market Capitalization passed $569 Billion.
To understand what happens next to bitcoin we need to look into what caused these astrological price rises in the last few months. One of the main reasons has to be the institutional “smart-money” flowing into BTC. Despite the fact that exchanges have a massive quantity of bitcoin (BTC) on hand to sell and trade, Glassnode researchers say that 78% of the current supply is illiquid.
On Twitter, Glassnode wrote: “78% of the circulating bitcoin supply is illiquid and therefore hardly accessible for buying. This points to a bullish investor sentiment as large amounts of BTC are being hoarded – which reduces sell pressure,” the researchers stressed. The number of whale entities – clusters of crypto wallet addresses held by a single network participant holding at least 1,000 bitcoin – rose to a new record high of 1,994 this past Wednesday.
Institutional investors won’t be settling down for small short gains, they are going to be holding BTC for longer and much larger gains, which leads us to price predictions of $100k, $200k, and even $300k in the years to come.
You can invest yourself in BTC as well by pressing The button below and sign up with Binance Crypto Exchange: