Bitcoin price hits $40,000 less than three weeks after shattering $20K

Bitcoin (BTC) hit $40,000 on Jan. 7 in the latest psychologically significant milestone for cryptocurrency bulls.

BTC price crushes the $30,000 corridor in record time

Data from Cointelegraph Markets and TradingView confirmed BTC/USD officially hitting dizzying new highs during trading on Thursday, bringing weekly gains to more than 40%.

BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView

In just one of various achievements for Bitcoin this year, the largest cryptocurrency conquered bearish prognoses of a retraction after rising rapidly throughout the past 24 hours.

As Cointelegraph reported, Bitcoin’s NVT ratio led signals suggesting that the bull run was far from over, and likely only beginning.

According to Cointelegraph Markets analyst Michaël van de Poppe:

“Markets are doing great and the bull cycle is starting up nicely here. That means that the market will probably continue running heavily this coming year. With the standard 20-30% corrections, be prepared, they occur and they are opportunities.”

“Less than a month after Bitcoin broke through $20k its price has doubled to $40k.  It’s now hard for anyone to deny we are seeing the maturation of a whole new asset class, This could be the ‘broadband moment’ for cryptocurrency – where every company and individual needs to think seriously about how they engage and interact with cryptocurrency,” added Sui Chung, CEO of CF Benchmarks, which is the FCA-regulated indices provider used by CME.

Barry Silbert, who until today was CEO of asset manager Grayscale, summarized:

“Funny to think that a bitcoin price retrace to $20,000 would feel like the buying opportunity of a lifetime.”

News of Bitcoin’s successes meanwhile radiated beyond cryptocurrency circles, making it onto the radar of finance figures including Holger Zschaepitz, a popular financial commentator and regular contributor to German news publication Die Welt.

Mati Greenspan of Quantum Economics suggested that:

“Charts only tell the past and we’re in…

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