Subsequently a historic twenty-four hour period in which the headlines could hardly continue up with price action and Bitcoin prepare a new all-time high above $26,500, traders and analysts are now turning their attention towards what could be in store for the digital currency over the next 5 days as 2020 comes to a close.

Historic candle

While a eight-ix% daily gain might be pittance compared to Bitcoin's historical volatility — there was a 42% rally as recently as 2019 — equally Messari founder Ryan Selkis pointed out, today's rally featured only the 2d $2,300 candle in the digital currency's history:

Possibly caught in the euphoria, some traders are already looking towards when daily candles eclipse 5 figures:

Clamoring for $30,000

Positive headwinds are swirling for Bitcoin's side by side step. "Bitcoin" is currently trending on Twitter with 164,000 contempo tweets — comfortably outstripping the adjacent highest trending particular, the archeological discovery of a street food stall in the ruins of Pompeii.

Additionally, as Cointelegraph has previously reported, this recent rally has put Bitcoin back on the path plotted by the popular Stock to Menses (S2F) model, which forecasts a price of nearly $300,000 earlier 2024.

Another popular folk metric indicated that Bitcoin mania still has a long ways to climb towards 2017 peaks as well. According to Google analytics, search history for "Bitcoin" is barely at a fifth of all time high levels:

All together, the positive sentiment and parabolic price activity take a greater and greater number of traders clamoring for '30k by the 30th" — a $30,000 price on the 30th of December:

Blow off top?

Despite the positive sentiment and toll activeness that puts Cape Canaveral to shame, some traders are already lining up possible brusk positions. One trader is calling for a blow-off top in the adjacent two weeks:

While information technology remains the minority sentiment, he'south non lone and thinking turbulence could exist ahead for Bitcoin. $2.iii billion worth of Bitcoin futures expired on Christmas twenty-four hours, which historically has led to inclement markets.