Bitcoin price analysis: it jumped high, gaining $1,600

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New analysis shows that the flagship cryptocurrency, Bitcoin, has been facing a lot of action lately, most especially in the last week of this year as the price rebounded strongly, touching near its previous all-time high price (ATH) at $28,378.

Bitcoin gained over $1,600 some hours ago after trading as low as $26,200 yesterday.

Also, the cryptocurrency’s market cap recently hit a whopping half of a trillion U.S.D in value.
At the time of publication, the popular crypto is trading around $27,700 with a daily trading volume of $47,986,546,322. It is up 4.38% for the day. Bitcoin has a market value of about $516.8 billion.
Sequel to the recent price momentum prevailing at the flagship cryptocurrency market, BTC gained past $20,000 some days back for the first time as it notched record after record.
Cryptocurrency fans cheered it as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks all around the world.
Also, leading household names in finance such as Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
Not forgetting listed U.S brands including MicroStrategy Inc. and Square Inc. that moved their cash into BTC in search of better returns than what near-zero interest rates deliver.
Also, a leading cryptocurrency expert, Willy Woo, tweeted that Bitcoin’s price could still rally higher on the bias that the, “inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase here on in as retail starts entering in large numbers, attracted by the price rises.”
Moreover, Jesse Cohen, a senior crypto expert shared his analysis about the outlook for Bitcoin price in 2021.
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”

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