‘Blow-off top’ or $30,000? Traders muse Bitcoin’s end-of-year fate

After a historic day in which the headlines could hardly keep up with price action and Bitcoin set a new all-time high above $26,500, traders and analysts are now turning their attention towards what could be in store for the digital currency over the next five days as 2020 comes to a close.

Historic candle

While a 8-9% daily gain might be pittance compared to Bitcoin’s historical volatility — there was a 42% rally as recently as 2019 — as Messari founder Ryan Selkis pointed out, today’s rally featured only the second $2,300 candle in the digital currency’s history:

Perhaps caught in the euphoria, some traders are already looking towards when daily candles eclipse five figures:

Clamoring for $30,000

Positive headwinds are swirling for Bitcoin’s next step. “Bitcoin” is currently trending on Twitter with 164,000 recent tweets — comfortably outstripping the next highest trending item, the archeological discovery of a street food stall in the ruins of Pompeii.

Additionally, as Cointelegraph has previously reported, this recent rally has put Bitcoin back on the path plotted by the popular Stock to Flow (S2F) model, which forecasts a price of :

Another popular folk metric indicated that Bitcoin mania still has a long ways to climb towards 2017 peaks as well. According to Google analytics, search history for “Bitcoin” is barely at a fifth of all time high levels:

All together, the positive sentiment and parabolic price action have a greater and greater number of traders clamoring…

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