Bitcoin prices have been trading north of $33,000 since this afternoon, fluctuating close to the record level of more than $34,000 they reached earlier this month.
The worldâ€™s most prominent digital currency rose to as much as $34,435.42 at roughly 5:45 p.m. EST, according to CoinDesk data.
At this point, the cryptocurrency was less than 0.1% below the all-time high of $34,452.08 it set on January 3, additional CoinDesk figures show.
The digital asset has been on a roll, hitting a string of fresh, all-time highs after breaking through the prior record level of roughly $20,000 that had stood since late 2017.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
As for where bitcoin prices may go from here, several market observers weighed in, offering technical analysis.
â€œAs weâ€™ve repeatedly seen, particularly in the absence of other technical trading data, the BTC price is attracted to round numbers,â€� said Tim Enneking,Â managing director ofÂ Digital Capital Management.
â€œNow that the price is so high, itâ€™s the ten thousands, rather than the individual thousands, which are receiving this sort of attention. Thatâ€™s clearly true at $30k and it will probably be even more true at $40k.â€�
As the digital currency has been climbing to fresh, all-time highs, it has been encountering little resistance, Enneking stated, emphasizing that we are currently in â€œunchartedâ€� territory.
Jon Pearlstone, publisher of the newsletterÂ CryptoPatterns, offered a similar point of view.
â€œThe fact bitcoin has bounced back after hitting $30,000 and then moved right back to the $34,000 range is bullish, but it should not be viewed as strong support or weak resistance because there is so little history at this price level,â€� he stated.
As for what the digital currency might do in the coming weeks and months, both analysts weighed in.
Enneking described bitcoinâ€™s move to $34,000 as being â€œan â€˜overrunâ€™ of $30k,â€� adding that â€œthe price has been oscillating around that level (down to $28.5k, up to almost $33k, down to just under $30k, etc.) since then.â€�
â€œIt seems quite clear that this short-term consolidation in the low $30s is in preparation for an assault on $40k,â€� he added.
Pearlstone also spoke to the aforementioned price level, predicting that if investors can push the cryptocurrency above $40,000, â€œthe next resistance will be at the key price level of $50,000.â€�
However, he emphasized that if bitcoin breaks below $27,500, it is a â€œhigh probabilityâ€� that the digital currency will retest $20,000.
Alex Mashinsky, cofounder, chairman and CEO of Celsius Network, also weighed in, noting that while there are many reasons to support a bullish case, the digital currency climbed more than 300% in one year and is â€œoverdueâ€� for a pullback.
â€œI expect a severe 30% correction between now and March, and then we will see new highs of $50k or more,â€� he stated.
Mashinsky also spoke to the factors that would be needed for bitcoin to climb to a six-figure price tag.
â€œFor us to go over $100k, we need to see the new administration embrace BTC and ETH, and clear the path for institutions to join the party.â€�
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.
The post Bitcoin Trades Near All-Time High After Latest Gains appeared first on TechFans.