The bitcoin price set a new all-time high on Tuesday, punching through the $4,500 wall to extend beyond the $4,600 threshold.
The bitcoin price first crossed $4,400 on August 15, but it had been unable to penetrate the $4,500 wall, even as the total cryptocurrency market cap continued its record advance. That changed on August 29, when the bitcoin price suddenly burst through $4,500. Almost immediately, bitcoin leaped over the $4,600 mark. On Bitfinex, the bitcoin price rose as high as $4,643, although the CoinMarketCap average was $4,603. This rally raised the bitcoin market cap to $76 billion, which is more than $6 billion greater than PayPal’s current total valuation.
At present, bitcoin has not been able to progress past the $4,600 mark. The BTC price currently sits at $4,581 for a daily gain of 6%.
Now that bitcoin has broken through the $4,500 wall, there is much speculation about where it will go next. Goldman Sachs’ Sheba Jafari–who bases her forecasts on Elliot Wave Theory–has the $4,800 level as her price target, after which she believes bitcoin will crash to around $2,200. Others are more bullish. This morning, RT host Max Keiser tweeted that he believes the bitcoin price will ‘probably break $5,000 this week” now that Segregated Witness (SegWit) has been activated on the network.
He anticipates that this new milestone will spark a new media blitz. This renewed media attention will, in turn, introduce a new wave of buyers who will carry the price “toward $10,000.” This view coincides with that of stock research Ronnie Moas, who recently raised his mid-2018 price target to $7,500.
Bitcoin’s climb to $4,600 parallels litecoin’s record climb to $60. This might not be a coincidence since litecoin activated SegWit earlier this year. The activation of SegWit facilitates the development and deployment of Lightning Network technology. LN technologies are expected to bring a number of innovative features to bitcoin and litecoin, including the ability to perform cross-network transaction swaps.
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Last modified: May 21, 2020 9:17 AM UTC