Bitcoin (BTC) is still driven by bulls, reaching new highs almost day to day. Since the beginning of 2021, Bitcoin managed to record new highs, topping 30,000$ in the first days of the new year. However, only a couple of days later, Bitcoin made a new record by topping the value of 40,000$ then continuing to 41,000$. At the current state of market trends, Bitcoin is trading around 40,500$. Is 50,000$ a realistic price for Bitcoin by the end of January?
Bitcoin (BTC) Setting New Highs in 2021
On January 8th, 2021, Bitcoin got close to the value of 42,000$ setting a new record for the year and in the history of BTC. By far, 42k was the highest price ever for Bitcoin since the coin was first launched. Based on the latest momentum since the beginning of the year, Bitcoin scored nearly 40% of returns, also showing positive momentum across all charts. The yearly chart is showcasing the bullish pace that BTC adopted over the last couple of months, recording over 405% of gains. The monthly chart is showing 119% of returns for the top crypto. As BTC is reaching new highs, it becomes evident that the bull run is not yet over as institutional investors are joining the trend.
Can Bitcoin Reach 50,000$ in January?
If it is to judge by the first days of 2021 and December 2020, the price target of 50,000$ is rather realistic. BTC managed to reach 40,000$ from the point of 30,000$ in a matter of days, at a bullish pace of 38.6% in weekly gains, so 50k is much achievable in the following weeks. After the post-halving gains brought BTC to 20,000$ for the first time in the history of Bitcoin, the top crypto scored new highs while gaining more traction for a prolonged bull run. At the current pace of growth, 50,000$ is more likely to happen by the end of January and before.
Image credits: Cover photo taken from Harrison Kugler on Unsplash