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We hope you enjoyed the brief holiday break… it seems Bitcoin has been busy while the markets have been resting! Bitcoin enthusiasts are adamant that the price rally has just started a parabolic move higher. From a technical standpoint, this current rally certainly appears to have gone parabolic. As any trader already understands, what goes up may eventually come crashing downward.
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Bitcoin's capitalization is now north of $570 billion.
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Bitcoin prices rallied again today, breaking through the $36,000 price level as the cryptocurrency benefited from sustained momentum.
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The digital currency keep pushing higher and soon we will see bitcoin trading above $40000.0.
HONG KONG (Jan 11): A steep selloff in Bitcoin is fuelling concern that the cryptocurrency bubble may be about to burst.
Bitcoin slid as much as 21% over Sunday and Monday in the biggest two-day slide since March. While the digital token recovered some of the losses during the European session, it was still down for the day.
"It's to be determined whether this is the start of a larger correction, but we have now seen this parabola break so it might just be," said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore.
Bitcoin has more than quadrupled in the past year, evoking memories of the 2017 mania that first made cryptocurrencies a household name before prices collapsed just as quickly. Prices almost reached US$42,000 on Jan 8 with retail traders and Wall Street investors clamouring for a piece of the action.
Bitcoin slid 12.4% to US$33,342.26 as of 8.29am in New York.
"Time to take some money off the table," Scott Minerd, chief investment officer with Guggenheim Investments, said in a tweet from his verified Twitter account. "Bitcoin's parabolic rise is unsustainable in the near term." In late December, Minerd predicted Bitcoin could eventually reach US$400,000.
True believers in Bitcoin argue the rally this time is different from past boom-bust cycles because the asset has matured with the entry of institutional investors and is increasingly seen as a legitimate hedge against dollar weakness and inflation risk. Others worry that the rally is untethered from reason and fuelled by vast swathes of fiscal and monetary stimulus, with Bitcoin unlikely to ever serve as a viable currency alternative.
With so many investors wanting to get rich on Bitcoin, the asset is drawing the attention of regulators. On Monday, the UK's financial watchdog issued a stark warning for consumers looking to profit from crypto: be ready to lose everything.
"Investing in crypto-assets, or investments and lending linked to them, generally involves taking very high risks with investors' money," the Financial Conduct Authority (FCA) said in a statement. The FCA's concerns include price volatility, the complexity of products offered, and the lack of consumer protection regulation around many of the products.
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Bitcoin traders and enthusiasts are riding the wave after the incredible rally from $9,000 to $42,000 throughout Q4:2020. It certainly was an incredible run – more than quadrupling in value in less than three months. Now we find ourselves in an early 2021 corrective phase which will end in either another Breakout/Rally attempt or an Excess Phase (Blow-off) Top.
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Bitcoin prices have climbed significantly thus far in 2021, rising from less than $29,000 at the start of the year to nearly $45,000 today.
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Bitcoin currently trade above 50,800.00.
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Latest bitcoin chart update.
EOSUSD latest chart update (Daily chart).
