BTC Price Gained 38% In The First Week Of 2021

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Bitcoin has broken yet another massive milestone. Just moments ago, the price managed to hit the coveted $40,000 mark for the first time in history.

  • Bitcoin’s price shows absolutely no signs of slowing down from the incredible parabolic move.
  • Moments ago, it managed to hit the significant milestone, breaking the coveted $40,000 mark.
  • This makes for a daily increase of around 14%.
BTC/USD, $40K on Bitstamp. Source: TradingView
  • As CryptoPotato reported earlier today, a senior Bloomberg strategist, Mike McGlone, said that Bitcoin hitting $50,000 is more likely than it hitting $20,000, giving a seriously bullish outlook for the cryptocurrency.
  • Back in November last year, he also said that the cryptocurrency will reach $20K (which it did, in fact) and that this will only be a stepping stone on the path to a market cap of $1 trillion.
  • In our latest Bitcoin price analysis, we pointed out the next possible targets once $40,000 is claimed. The first level of resistance about that lies at $41,190 (a short-term 1.414 Fib Extension), followed by $41,850.
  • In any case, the cryptocurrency is on a tear throughout the past few weeks, charting high after high.
  • This has also pushed the total cryptocurrency market capitalization above $1 trillion for the first time in history.
  • It’s worth noting that other coins are also charting massive gains. Despite the ongoing SEC lawsuit, Ripple’s XRP exploded by 50% today as bulls are trying to stage a recovery.
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