The leading cryptocurrency Bitcoin managed to break the key $51,000 resistance last week despite the bullish market sentiment. Leading BTC is trading at $51,360 at the time of writing, with a 3% increase in the last 24 hours.
Bitcoin Price Actions
After 2021 was a volatile year, the cryptocurrency market recorded two major market corrections of over 50% in the second quarter. However, BTC and other altcoins have reached peaks. BTC is now looking to gain some bullish momentum towards the end of December, repeating the start of last year’s bull season. Conditions also seem similar as they occur.
With the new variant of COVID, Omicron, increased inflation and financial stability could make Bitcoin a store of value again. Is Bitcoin in a super cycle or will it see a drop like 2017?
During the past bull season, Bitcoin saw a record high of around $20,000 in December 2017. After BTC hit the top of the bull market in December, altcoins gained incredible momentum in the first quarter of 2018 and the market entered a four-year period.
Flagship Bitcoin Strengthens
A lot has changed since the leading Bitcoin has now become a true parallel financial investment market asset. Most of the institutions watched from the sidelines as the institutions carried the market. However, institutions not only embraced Bitcoin and other cryptocurrencies in 2021, but also strengthened their hands with a new government-approved crypto ETF launched in a number of G-20 countries.
Crypto pundits agree that the $100,000 BTC price prediction is a bit far, but they believe in the fundamentals. Analysts are strong enough to carry the choke run to 2022.