Bitcoin cracks 40,000 US dollars in less than three weeks after 20,000
The market-leading cryptocurrency also crosses the next important hurdle in a rush.
Bitcoin (BTC) climbed above US$40,000 on 7 January, cracking another psychologically important hurdle.
Up to 40,000 in a rush
As confirmed by data from Cointelegraph Markets and TradingView, Bitcoin reached dizzying heights yesterday (Thursday), lifting its weekly gain to more than 40%.
The market-leading cryptocurrency has once again managed to put the prophets of doom about an imminent downturn in their place, with the Crypto Legacy price once again rising sharply within the last 24 hours.
As Cointelegraph had reported, a key figure had already indicated that the current upward trend is far from over.
Cointelegraph Markets analyst Michaël van de Poppe also confirms this thesis:
“The market is doing splendidly and the uptrend is just getting going. This means that there will probably be a lot more upside this year. However, prepare for downturns of 20-30%, these will come and are then buying opportunities.”
“Just one month after Bitcoin cracked the US$20,000 mark, the price has doubled to US$40,000. As of now, there is no denying the maturity of this entirely new asset class. We may be at a historic point for cryptocurrencies where every company and every private investor needs to seriously consider how they deal with cryptocurrencies,” as Sui Chung, the CEO of CF Benchmarks, puts it with similar optimism.
Barry Silbert, who until yesterday was CEO of the large crypto asset management firm Grayscale, sums up the current situation succinctly:
“Kind of funny that a downturn to US$20,000 by now would be the best buying opportunity ever.”
However, Bitcoin’s success is not only making waves in the crypto industry; financial experts such as Holger Zschäpitz, the senior economics editor of WELT, are now also making water level statements about the cryptocurrency.
Analyst Mati Greenspan of Quantum Economics, meanwhile, opines:
“The price charts are just mapping the past, but we are in completely new waters here. This uptrend started at $10,000, where a tenfold increase is probably normal for Bitcoin to go up. We are almost at the halfway point and have extremely strong momentum, high volumes and great fundamentals. I see this as just an intermediate step on the way to US$100,000.”
David Lifchitz, the CIO of asset management firm ExoAlpha, on the other hand, warns that Bitcoin is growing too fast at the moment, reminding him of the dotcom bubble.
“What worries me is not that Bitcoin is continuing to climb upwards, but the speed at which it is doing so. We are definitely in a speculative bubble, and the past has shown us that markets can remain irrational longer than investors have money,” the investment expert tells Cointelegraph.