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The Bitcoin price surged to $ 29,300, breaking the $ 28,500 resistance on December 31. Is it possible to see breaking through the $ 30,000 for the first time until the new year?

Bitcoin price surged to $ 28,600, breaking through a strong resistance set of $ 28,500 a few days ago. It was later rejected in a sharp correction towards $ 27,300. Today, the high-volume volatility has pushed the BTC price to an all-time high of $ 29,280.

In the last days of 2020, Bitcoin (BTC) prices broke records without stopping. The $ 20,000, which was considered a hard-to-reach record just a few months ago, is now far behind. The price of the leading cryptocurrency has increased by almost 300% within a year. Bitcoin Hodlers are now eagerly waiting for the $ 30,000 mark.

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What Levels Do Analysts Expect From Now On?

According to expert analyst Aayush Jindal, these are the levels the cryptocurrency can see in the short term: For now, the price is facing hurdles around $ 29,200, and a clear break above that level could open the doors for further bullish above $ 29,500. Conversely, if Bitcoin initiates another downside correction, it is likely to find support near the $ 28,650 zone. The next major support is near the $ 28,300 zone. Further dips below $ 28,300 indicate a greater risk of a downside, according to the analyst.

Spartan Black, one of the well-known analysts of the cryptocurrency community, shared his expectations for 2021 on Twitter a few days ago. According to the analyst, the leading cryptocurrency Bitcoin will reach the level of $ 100,000 in the next year. Along with Spartan Black, many other notable names expect such an important and even higher attack from Bitcoin.

Institutional investors are further supporting this record-breaking process with new investments. MassMutual, the Guggenheim, and just yesterday, Anthony Scaramucci’s Skybridge Capital have also joined this list.

Glassnode: The Liquidity of Bitcoin in the Market Has Declined

Rafael Schultze-Kraft, CTO of the on-chain market analysis company Glassnode, made very crucial evaluations by giving figures about the Bitcoin supply. Stating on both Twitter and Glassnode‘s page that Bitcoin investors are increasingly complying with the HODL philosophy, the successful technology manager emphasized that the biggest cryptocurrency is turning into a store of value with limited supply.

Schultze-Kraft stated that 88.5 percent of the total supply has been removed, and the amount in circulation is 18.6 million BTC. As 78% of Bitcoin‘s circulating supply is illiquid, this piece is very difficult to buy. 14.5 million BTC is currently illiquid, which puts only 4.2 million BTC in a position to be bought and sold. In 2020, an extra 1 million BTC became illiquid. This is a huge bullish signal. He says that the current bull run could be due to this liquidity crisis.

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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.