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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Price Continues to Roar Higher, Pushing to $16,750

Nick Chong
Nick Chong
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Bitcoin has continued to soar higher after our last market update. The cryptocurrency recently traded as high as $16,770, a new year-to-date high and a new multi-year high.

Many analysts saw this latest leg higher as notable as BTC moved above $16,600, the level at which John McAfee famously tweeted the following statement:

“Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else.”

Chart of BTC's price action over the past day from TradingView.com
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Continues To Surge Toward $16,700

Analysts think the cryptocurrency rallies even higher in the days ahead. Tyler Winklevoss, CEO of Gemini and a prominent cryptocurrency investor recently said:

“I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run.”

The fundamentals also lend to continued upside.

Analyst Willy Woo recently noted that the Realized Price Bitcoin metric is moving higher, suggesting the ongoing rally is “organic”:

“Realised Price estimates the average price the market paid for their BTC. Now at its steepest slope for this cycle, meaning capital influx into #Bitcoin is at its highest rate since the last bull market. (Higher than last year’s $4k-$14k move; the current move is more organic.). For the sake of this comment I’ll define ‘organic’.”

Bitcoin could continue to move higher if the daily candle closes above the previous local highs.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Price Continues to Roar Higher, Pushing to $16,750
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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