Bitcoin’s rise above $ 20,000 stumped analysts

Bitcoin on Wednesday, December 16, 2020, for the first time in history, exceeded the $ 20,000 level. The first cryptocurrency jumped $ 1,000 in a few hours, testing levels around $ 20,800.

On November 30, on several exchanges, bitcoin updated its all-time high, recorded at the end of 2017. Then the price rose above $ 19,800, but many market participants refused to recognize the record until reaching the level of $ 20,000, writes ttrcoin.

For more than two weeks, the cryptocurrency has tried the patience of investors, dropping below $ 18,000. However, as a result of the recent 5% gain, the key mark has been taken.

There is no consensus among analysts about how bitcoin will behave when it finds itself in uncharted territory. Many are hoping for the awakening of FOMO or the loss of profits syndrome among retail investors, whose levels of interest in the cryptocurrency market this year have been disproportionately lower compared to the hype of 2017.

Among analysts, the positions of those who are determined to continue the Bitcoin rally, at least until the end of this year, have strengthened. One of the traders under the nickname CryptoHamster believes that by the end of December, BTC will be trading in the range of $ 22,000 to $ 23,000, coinspot writes.

Bloomberg previously indicated a radical change in trend. The agency’s senior strategist Mike McGlone, in his summer and fall surveys, predicted that $ 20,000 would reach just towards the end of 2020.

Over the past 12 months, cryptocurrency fundamentals have been improving, he said. This trend was bound to lead to the rise of BTC.

Bank of America surveyed fund managers and found out that bitcoin significantly strengthened its position in the ranking of popular instruments in 2020.

15% of respondents indicated bitcoin as the most attractive asset. Above BTC were technology stocks and dollar short positions (52% and 18%, respectively).

Bitcoin continues to rise in price, however, the interest of Russians in this cryptocurrency in December has significantly decreased. This is evidenced by data from the Google Trends service. BTC-related searches on the World Wide Web have dropped by about 37% this month.

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