Bitcoin (BTC) continues its blistering holiday weekend rally, surpassing $27,000 on Dec. 27. Moreover, the market capitalization of Bitcoin has surpassed half a trillion dollars for the first time ever.
According to Cointelegraph, the new record-highs for Bitcoin come less than three days after breaking resistance at $24,000. This means that BTC price has now doubled over the past two months after gaining roughly $10,000 in the month of December alone.
Bitcoin’s market capitalization is currently over $510 billion, which puts it just under Warren Buffett’s Berkshire Hathaway, the tenth-largest company in the world.
As Cointelegraph reported, this weekend’s surge has put the price of Bitcoin above the mean trend line of the popular stock-to-flow model (around $24,900), which forecasts a $100,000 target by December 2021.
Simultaneously, the current bull cycle seems to be more sustainable than in 2017 with many traders expecting more upside over the coming months.
Nevertheless, this doesn’t rule out the possibility of major pullbacks in the near term, especially as BTC price seems to be steaming toward the next psychological resistance at $30,000.
On Dec. 27, Markets analyst Michael van de Poppe warned Cointelegraph that “Vertical moves often end in a swift correction (remember Summer ’19)? Those swift corrections are made for the establishment of a sideways range.”
He also added that “Don’t get chopped out of a correction. The bull market will last for a longer period. Have a longer horizon.”