Will Bitcoin hit $30,000 by the end of the year? Data shows the craze may continue

As the price of Bitcoin hit an all-time high of $26,900 on December 27, traders and analysts are pondering the outlook for Bitcoin.

Messari founder Ryan Selkis pointed out that compared with Bitcoin's historical volatility, an 8%-9% daily increase may be insignificant, but a $2,300 increase in one day is only the second time in Bitcoin's history.

Perhaps in a state of euphoria, some traders have begun to imagine daily fluctuations of more than five figures in US dollars:

The next step will be to hit $30,000

Bitcoin is currently very popular on Twitter, with more than 164,000 tweets recently about it, far surpassing the second-ranked keyword (archaeological discovery of a street food stall in the ruins of Pompeii).

Another popular data indicator shows that the Bitcoin craze still has a long way to go. According to data provided by Google Trends, the current search volume for the keyword "bitcoin" is only 1/5 of its historical high.

Overall, the positive sentiment and parabolic price rise have led more and more traders to believe that “hitting $30,000 on the 30th” is possible.

Short sellers are ready to move

Despite the positive market sentiment and price action that has shamed Cape Canaveral, some traders are already arranging possible short positions, with one trader believing that the Bitcoin market will see a pullback in the next two weeks:

He is not the only one who believes that bitcoin could be in for a volatile ride, with the market seeing a spike in volatility following the expiration of $2.3 billion worth of bitcoin futures on Christmas Day.

What do you think about where Bitcoin will go next?