{"id":146293,"date":"2021-01-03T11:39:09","date_gmt":"2021-01-03T08:39:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-going-parabolic-toward-35k-as-ethereum-breaks-800-whats-next\/"},"modified":"2021-01-03T11:39:09","modified_gmt":"2021-01-03T08:39:09","slug":"bitcoin-going-parabolic-toward-35k-as-ethereum-breaks-800-whats-next","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-going-parabolic-toward-35k-as-ethereum-breaks-800-whats-next\/","title":{"rendered":"# Bitcoin going parabolic toward $35K as Ethereum breaks $800: What\u2019s next?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a39bd3020ee5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a39bd3020ee5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-going-parabolic-toward-35k-as-ethereum-breaks-800-whats-next\/#What_triggered_the_Bitcoin_and_Ethereum_rally\" >What triggered the Bitcoin and Ethereum rally?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-going-parabolic-toward-35k-as-ethereum-breaks-800-whats-next\/#What_happens_next\" >What happens next?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin going parabolic toward $35K as Ethereum breaks $800: What\u2019s next?  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) surpassed $34,700 to achieve a new all-time high after a strong overnight rally. Ether (ETH), the native cryptocurrency of the Ethereum blockchain, also surpassed $800 for the first time since May 2018.<\/p>\n<p>Bitcoin\u2019s sudden rally comes as a surprise because it corrected sharply to around $30,300 on Jan. 2. Within 24 hours, BTC rose from $30,300 to as high as $34,778, a 14% rebound.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/295f474d-e88f-43a6-9064-a98901f6b0da.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD hourly candle chart (Bitstamp)<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"What_triggered_the_Bitcoin_and_Ethereum_rally\"><\/span>What triggered the Bitcoin and Ethereum rally?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When the price of Bitcoin surpassed $33,000 on Jan. 2, some whales and high-net-worth investors warned that a 150 BTC sell order could retrace the market.<\/p>\n<p>A pseudonymous Bitcoin trader known as \u201ci.am.nomad\u201d\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IamNomad\/status\/1345421327906320385\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cA 150 btc market sell would retrace this whole thing. lmao the higher price goes, the more retail gets prices out, the lower bid support will be.\u201d<\/p><\/blockquote>\n<p>Within hours he pinpointed the risk of a Bitcoin correction due to thin order books, BTC sharply pulled back.<\/p>\n<p>However, Bitcoin recovered quickly after the initial drop, rallying to a new record-high within 24 hours.<\/p>\n<p>The main catalysts behind Bitcoin\u2019s rally have been the institutional accumulation of BTC on Coinbase and the short squeeze on Binance Futures.<\/p>\n<p>Throughout the past three days, Bitcoin has been trading much higher on Coinbase than on other major exchanges, as Cointelegraph reported.<\/p>\n<p>This means that aggressive buyers on Coinbase were continuously accumulating BTC despite the premium. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/49e1c087-f8b0-4bac-ac7e-40346a35d62e.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin surpasses past $34K with average trader returns at highs. Source: Santiment<\/em><\/figcaption><\/figure>\n<p>In the meantime, many traders on Binance Futures were shorting BTC, possibly expecting Bitcoin to top out at around $30,000. When Coinbase buyers continued to push BTC upwards, a short squeeze occurred. Analysts at Santiment <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1345607180607578112\">explained<\/a>:<\/p>\n<blockquote><p>\u201cFor those expecting a #Bitcoin correction to kick off 2021, the $34,000 #AllTimeHigh achieved 10 mins ago is showing how painful it&#8217;s been being a $BTC bear the past 10 months. Avg. trader returns haven&#8217;t been this high across the board since June 2019.\u201d<\/p><\/blockquote>\n<p>Ether price rallied off of Bitcoin\u2019s strong technical momentum. ETH\/USD rose past $800 for the first time since early May 2018, demonstrating renewed momentum after stagnating throughout December.<\/p>\n<p>A pseudonymous cryptocurrency trader known as \u201cMayne\u201d said on Jan. 2 before the Ether rally that ETH is likely heading to $800. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Tradermayne\/status\/1345496891581108224\">said<\/a>:<\/p>\n<blockquote><p>\u201cETH thesis still on track, daily close thru $620 we&#8217;d head to $800. I built a large long position in December and assuming $ETHBTC can hold a higher low, I think it&#8217;ll play out nicely. I should have had more BTC long exposure vs ETH in December, hoping ETH outperform for Jan.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"What_happens_next\"><\/span>What happens next?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ethereum has another major catalyst on the horizon as the CME futures exchange plans to launch ETH futures in February.<\/p>\n<p>Considering the high level of institutional demand for Bitcoin since the first quarter of 2020, the demand could also boost Ether upon the listing.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/71ad5f45-3ebd-48ee-84da-881491247ab8.jpg\"><figcaption style=\"text-align: center;\"><em>Google searches for &#8220;Bitcoin.&#8221; Source: Google Trends<\/em><\/figcaption><\/figure>\n<p>Meanwhile, Bitcoin remains on an upward trajectory of price discovery, hitting new record highs on a daily basis. With a purported supply shortage and an institutional buying frenzy now spilling over into retail, the rally may still have a lot more room to run with $35,000 likely being the next psychological level to break.\u00a0<\/p>\n<p>As Cointelegraph reported, six-figure predictions have become increasingly common in recent months, particularly as the rally has broken new all-time highs.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-going-parabolic-toward-35k-as-ethereum-breaks-800-what-s-next\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin going parabolic toward $35K as Ethereum breaks $800: What\u2019s next? &#8221; The price of Bitcoin (BTC) surpassed $34,700 to achieve a new all-time high after a strong overnight rally. Ether (ETH), the native cryptocurrency of the Ethereum blockchain, also surpassed $800 for the first time since May 2018. Bitcoin\u2019s sudden rally comes as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":146294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/258b5b5b-2af2-4adc-9bf6-3152fc36d16e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,82402,73785],"class_list":["post-146293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-ether-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/146293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=146293"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/146293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/146294"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=146293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=146293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=146293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}