Bitcoin bulls have finally speared past the long-awaited $20,000 resistance just minutes ago after a mammoth rally of over $500 under an hour. Bitcoin with this massive rally also created a new all-time high of $ 20,643 seeing a 7% rise on the 24-hour price chart.

Bitcoin was consolidating above $19,000 for the past couple of days after recovering from a $3,000 crash pushing its price below $16,500. Howevr these market pullbacks are quite common during a bull run and bitcoin veterans seemed unphased by the drop.

The current rally could propel bitcoin to new price ranges and daily gains never seen before especially at a time when many believe Bitcoin is highly underpriced. The reason for that being high institutional interest where the firms such as MicroStrategy, GrayScale, Square Inc, and a few others are on a bitcoin buying spree over the past few months.

MicroStrategy went one step ahead and sold $650 million worth of Security debt to buy more bitcoin on top of their $500 million bitcoin purchase made earlier this year. MicroStrategy CEO Michael Saylor at the moment seems more bullish than most of the bitcoin proponent which is evident from his recent tweets.

Connect your phone to the mobile network, your computer to the data network, your home to the power network, & your treasury to the monetary network. #Bitcoin isn’t just an investment, it’s a way of life.

— Michael Saylor (@michael_saylor) December 15, 2020

What’s Next For Bitcoin, $23 k?

The current price rally could bring Christmas early for Bitcoin hodlers who have been predicting this all along. Bitcoin unlike 2017 is not yet priced-in and is showing a steady rise quite opposite of 2017. The bull run in 2017 started on December 17 and many crypto influencers have been calling it a poetic move if bitcoin managed to steer into new territory almost on the same day as the 2017 bull run.

The next stop for bitcoin would be $23 K as predicted by one crypto analyst who goes by the Twitter name of Goomba. With such a sharp rise, a price correction might be on the card, however, if the top cryptocurrency manages to hold its position above $20 K then the next target would be around $23,000.

$BTC to 23k

Broke out pic.twitter.com/UgJdFtHQlh

— Goomba (@im_goomba) December 16, 2020

The ongoing bull run was anticipated in the wake of institutional FOMO resulting in bitcoin hoardings by top financial firms such as BlackRock, Paypal, GrayScale, and Sqaure Inc.

Is Binance the new Coinbase?

Binance seems to be the first causality among exchanges because of the sudden bitcoin price surge, on most occasions in the past Coinbase used to go under maintenance or become inaccessible. Many users complained about facing issues with logging into their Binance account.

anyone else having issues logging into binance?

— TraderSZ (@trader1sz) December 16, 2020

Coinbase as usual was dow too and people took to Twitter to express their distress but with a sense of humor. In fact, it is an ongoing joke in the crypto space that Coinbase going down has become a key indicator of bitcoin price rise.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.