As Bitcoin Hits All-Time High, Where Does It Go Next?

After nearly three years of patiently waiting, investors in the world’s largest cryptocurrency hit a new all-time high on Monday after the price surged to more than $19,800, surpassing the previous all-time high set in December 2017.

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Bitcoin rises to new all-time high

November 30 will be forever etched in the memories of Bitcoin investors as the price of Bitcoin surged to the highs of the famous cryptocurrency mania in late December 2017. According to data from the Bitstamp exchange, the price of Bitcoin hit a high of $19,844 before retreating to $19,379.55 at the time of writing.

It is noteworthy that this cryptocurrency has managed to fly in the face of skepticism from critics like Peter Schiff, who constantly liken Bitcoin to the brink of a bubble. Bitcoin has been on a steady upward trend since PayPal announced its foray into the cryptocurrency market in October. Further investments and endorsements from numerous tech companies and traditional financial institutions have added fuel to the Bitcoin ship. Bitcoin fell slightly last week, but has since resumed its bullish run, and as mentioned earlier, the cryptocurrency has a long history. After Bitcoin created a new high price, Pierre Rochard, a strategist at the Kraken exchange, tweeted that he recommends selling other assets to buy more Bitcoin. It is well known that long-term investors have survived severe bear cycles. The few investors who have remained resilient despite the highs are having a party, as Bitcoin has surged 175% this year alone.

As usual, Bitcoin Forever holder Peter Schiff was in high spirits, suggesting that putting rumors aside, Bitcoin price rebounded to a new ATH.

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Is a breakout above $20,000 possible?

As Bitcoin breaks its previous all-time high, the cryptocurrency community is speculating on what might happen next for the cryptocurrency. Josh Rager, a cryptocurrency analyst and co-founder of Blockroots, noted that Bitcoin’s fall to a low of $16,000 on November 25 was an “epic trap” that could break free from the shackles of weakness before rising to $20,000. According to reports, Bitcoin’s recent rise was driven by increased appetite from institutional investors. Interestingly, Grayscale Investments and PayPal bought more Bitcoin than miners produce in a day. According to Grayscale’s managing director Michael Sonnenshein, Bitcoin’s price is “just getting started” based on the fund’s massive inflows.

Meanwhile, Cameroon Winklevoss believes that Bitcoin is an emerging store of value that protects against inflation and has the potential to replace gold. This means that its value could appreciate another 25 times from $19,000. No other liquid asset in the universe can reliably provide this degree of asymmetric returns over the next decade. However, not everyone is optimistic about Bitcoin's next move. John Bollinger, the creator of the popular Bollinger Bands, warned against "traditional highs." He said, "Okay, it's time to pay attention to the price of Bitcoin. This is another high, but it has not been confirmed yet, and the trend can be easily destroyed, but wise traders should polish their glasses." When netizens asked if this was the recent high or if the price of Bitcoin would plummet from here, he replied: "At present, this is the recent potential high."