Each cryptocurrency exchange has a different all-time high (ATH) value of bitcoin. In some markets, each coin was traded above the mark of $20,000, but many consider that bitcoin’s ATH was approximately $19,665.
This was during December 2017. Almost three years after, November 2020 achieved the closest one yet to this value. The price of bitcoin has broken through $19,000 on November 24, almost surpassing its ATH of under $20,000.
The world’s largest cryptocurrency by market capitalization has surged by almost 40% in November and is up about 160% this year. The value of bitcoin reached its local highest peak, only to lose a quarter of its value in a single day.
November 27 has been a bad day for bitcoin as it plunged a total of around $3,000 in less than 24 hours. From a high of about $19,500 down to $16,200, the entire market immediately lost around $80 billion of its capitalization.
With this in mind, the market sentiment is divided into half: bulls who remain to strongly believe that this is only a price correction and a new ATH is underway while bears start to selloff and start investing on other altcoins.
Bitcoin price prediction
Nevertheless, the value of bitcoin has grown immensely since its inception. This is a result of higher buying interest, more companies adopting bitcoin as reserve assets, regulations being processed, and more retailers accepting and planning to integrate cryptocurrencies into their business.
Therefore, analysts and institutional investors remain to be bullish for bitcoin’s price in 2021 and beyond. One of them is bitcoin evangelist Anthony Pompliano who predicted that bitcoin will hit $100,000 by the end of December 2021. On the other hand, Saxo Bank analyst Kay Van-Petersen believes that bitcoin will rise to $100,000 per unit by 2027.
Alongside this, ex-hedge fund manager and billionaire Mike Novogratz expects bitcoin’s market cap to reach $7.5 trillion in 2029. Previously, Mike had correctly predicted that the value of bitcoin could rise up to $10,000 by April 2018.