In the past 2 days, bitcoin has moved up about 14% compare to the previous day. The total bitcoin market value has now surpassed $500 billion ($512.34 to be more specific) and is more valuable than all companies but only seven publicly traded companies (Alibaba is presently valued at about $545 billion so you get the approximated idea as to where the bitcoin market value stands). The year-to-date growth rate for bitcoin is more than 275%, and it is still showing strong upward trends. With all these large financial institutions expressed their changed view on bitcoin (digital currencies in general) and started taking part in it, the bitcoin price is expected to have a lot less volatility than before (more whales are now holding onto their possessions). In the past, we have seen some dramatic price corrections (more than 50%) every now and then; however, I personally expect future corrections to be way smaller.

With only 4 days left in 2020, it is questionable though whether or not bitcoin would be able to reach $30,000 by end of the year as it is a holiday season and people might not be as active. On the other hand, the bitcoin market operates on a 24/7/365 basis unlike the stock markets; therefore, literally anything could happen in terms of where bitcoin ends up before the new year, including pleasant surprises.

What is your bitcoin price prediction on 12/31/2020?