Bitcoin broke through its highest ever highs, clearing a major milestone above $ 20,000 to trade above $ 22,000 on Thursday.
That’s the latest move after a huge year for bitcoin – it has risen 190% as institutional investors warm up to the cryptocurrency trade.
JC O’Hara, chief market technician at MKM Partners, called the record rally in early November. Now, he sees a cut-out that is only in the early pubs.
“Two months ago, we saw the initial stages of the rise forming within bitcoin, and I think we are still in the infancy stages of these new trends developing, so yes, we are at all-time highs for bitcoin, passing $ 20,000 today, but I think there’s plenty of room to run, “O’Hara told CNBC’s” Trading Nation “on Wednesday.
O’Hara said the technical settlement is similar to the start of the last multiear rally in bitcoin, a promising pattern that points to more upside this time too.
“If you look back at the last time we started new stages of uptrends forming, it was back in 2015. Bitcoin was $ 200 a coin back then, and valued at over 8,000%, topped the $ 19,000 So we think that these trends will continue into the future. Now, conservatively, we’re seeing … upside to $ 25,000. I think that’s a point good aim especially based on what he has done and what he could possibly do here, “said O ‘Hara.
Steve Chiavarone, portfolio manager at Federated Hermes, said bitcoin’s success has a far-reaching impact beyond the underlying asset.
“From our perspective, it’s really, really exciting. It’s not necessarily bitcoin itself, but the blockchain technology that sits beneath it. We think this is going to emerge as the driver of the a digital revolution alongside AI and robotics and 5G and advanced biotechnology, which we believe will enable a wide range of transactions, both financial and non-financial, to be done more efficiently, cheaper and more securely, “Chiavarone said during the same” Trading Nation “segment.
He envies applications in industries ranging from “banks to healthcare to shipping.”
“Bitcoin is exciting and more than $ 20,000, I get that, but the underlying blockchain technology we think is going to have the bigger impact across the investment spectrum over time,” Chiavarone said .
Bitcoin has rallied more than 400% since its lows in March.