3 Reasons Why Bitcoin Could Hit $30,000 by New Year Eve

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Bitcoin has become a tirelessly bullish asset. The benchmark cryptocurrency logged yet another record high on Sunday, hitting $28,387 as traders/investors measured its strength against the US dollar, the global reserve currency that has plunged by more than 12 percent from its mid-March top. At least, that is the popular narrative so far. But bulls failed to push the Bitcoin price towards its psychological upside target of $30,000. Some profit-taking ensued that caused the cryptocurrency to correct to as low as $25,772. But the intraday bearish bias was brief. Traders/investors flocked back into the Bitcoin market. The price rebounded back to reclaim its reliable support level of $27,000. The Case for $30,000 Bitcoin Bitcoin’s retracement on Monday prompted many analysts to see a bullish continuation scenario. Some pointed to an apprehensible upside technical structure—a Bull Pennant—brewing on the shorter-timeframe charts as the cryptocurrency consolidated sideways. The technical setup projected $30,000…

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