Bitcoin Price Records a New All-Time High at Over $28.5K, Wall Street Veteran Bets on Buying Any Dip

Sarah Tran   Dec 30, 2020 09:17 2 Min Read

Bitcoin’s price has surged to another new all-time high today, reaching over $28,500. The previous time that Bitcoin recorded a new high was on Dec. 27, reaching over $28,300. Bitcoin’s price has climbed by over 4.5 percent in the past 24 hours, and has slightly retraced from its record price, and is now trading at $27,926. 

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Crypto analytics firm Santiment tweeted earlier today, hinting that Bitcoin has been following its previous footsteps towards the previous all-time high. Santiment’s Bitcoin active addresses indicators have been recording its weekly high, while on-chain transaction volume have shown some high spikes. Santiment explained:

“The #Bitcoin train has been inching back toward Sunday's recent $28.3k ATH today! Our metrics indicate that $BTC's active addresses are still hovering around its weekly high, and on-chain transaction volume have shown some encouragingly high spikes."

Wall Street veteran and CEO of Real Vision Raoul Pal recently commented that many reversionists, value players, and rationalists have been urging caution in Bitcoin. He added:

“However,  I think reflexivity here is stronger than they can ever possibly imagine. There will be sharp sell offs on negative new and also on no news but people will hope for even better entry on sharp dips and miss it.”

He also added that perhaps the big test will come from stablecoins and regulations. He further concluded that it is still currently the early days, and the best bet would just to buy any dip. He said:

“And therein lies the problem for all of us who aren’t aiming yet for hyper-bitcoinalisation. Maybe the big test will come from stable coins, regulation or just the wall of fear, or maybe even harder,  no corrections. It’s still early days yet however.... too early for a plan except buy any dip. Same for ETH. Maybe even more so…”

Crypto on-chain analyst Willy Woo commented on Raoul Pal’s thread on Twitter, showing what mean reversion looks like for Bitcoin’s market tops. Woo further explained that during this bull cycle, hodlers are hodling tighter. Woo said:

“This is Bitcoin's Reflexivity (at least the way I like to measure it). This bull cycle HODLers are HODLing tighter; stronger feedback loop.”

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Cryptocurrency trader Michael van de Poppe noted that as Bitcoin broke the crucial trigger between $27,000 to $27,500, it was able to rally to a new all-time high. He explained:

“#Bitcoin broke the crucial trigger between $27,000-27,500 and continued its rally towards a new all-time high. If $27,000-27,500 sustains support, continuation is likely towards $30,000 and perhaps $32,800. Losing $27,000 and correction is imminent.”

Image source: Shutterstock

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