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Bitcoin price managed to overcome the $ 40,000 mark

The price of bitcoin on Thursday for the first time exceeded the psychologically significant level of $ 40,000, adding more than $ 5,000 in 24 hours.

The growth per day was 13%, taking into account which the increase over the last month already exceeds 100%, and since the beginning of the year – 40%. Compared to the lows during the collapse in March 2020, the price has increased more than 10 times.

At the end of November, Bitcoin for the first time in three years approached the previous all-time high of about $ 20,000, and since then, excluding the few and moderate declines by the standards of the cryptocurrency market, the parabolic rise continues. The crypto community remembers how cheap Bitcoin was at $ 20,000.

“The markets are doing great and the bull cycle starts well. This means that the market may continue to grow strongly this year. With standard corrections of 20-30%, be prepared, they happen, and opportunities, ”said analyst Michael van de Poppe.

“Less than a month after overcoming $ 20,000, the price of bitcoin has doubled to $ 40,000. It is hard to deny that we are witnessing the emergence of a whole new asset class. This could be a moment of widespread adoption of cryptocurrency, when every company and individual should seriously think about how they interact with it, ”said Su Chun, CEO of index provider CF Benchmarks.

“It is amusing to think that a Bitcoin pullback to $ 20,000 would be perceived as one of a lifetime buying opportunity,” added Grayscale founder Barry Silbert.

“The charts only talk about the past, and we are in completely new territory,” said analyst Maty Greenspan. – This rally started at $ 10,000. X10 from the previous high seems to be quite normal for Bitcoin. We reach a landmark milestone on extremely strong momentum, outstanding volumes and fundamentals. I see this as a point on Bitcoin’s path to $ 100,000. “

“I am concerned, but not by the rise in BTC higher, but by the speed of this rise. Clearly bubble territory. However, history shows that markets can remain irrational longer than you remain solvent, said David Lifshitz, investment director at asset management firm ExoAlpha. “At the end of 1999, everyone was convinced that we were at the maximum, but the tech bubble lasted another three months and went higher and higher, until it finally burst in a big way.”

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