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Bitcoin Breaks $40,000: BTC Price Gained 38% In The First Week Of 2021

Bitcoin has broken yet another massive milestone. Just moments ago, the price managed to hit the coveted $40,000 mark for the first time in history.

  • Bitcoin’s price shows absolutely no signs of slowing down from the incredible parabolic move.
  • Moments ago, it managed to hit the significant milestone, breaking the coveted $40,000 mark.
  • This makes for a daily increase of around 14%.
BTC/USD, $40K on Bitstamp. Source: TradingView
  • As CryptoPotato reported earlier today, a senior Bloomberg strategist, Mike McGlone, said that Bitcoin hitting $50,000 is more likely than it hitting $20,000, giving a seriously bullish outlook for the cryptocurrency.
  • Back in November last year, he also said that the cryptocurrency will reach $20K (which it did, in fact) and that this will only be a stepping stone on the path to a market cap of $1 trillion.
  • In our latest Bitcoin price analysis, we pointed out the next possible targets once $40,000 is claimed. The first level of resistance about that lies at $41,190 (a short-term 1.414 Fib Extension), followed by $41,850.
  • In any case, the cryptocurrency is on a tear throughout the past few weeks, charting high after high.
  • This has also pushed the total cryptocurrency market capitalization above $1 trillion for the first time in history.
  • It’s worth noting that other coins are also charting massive gains. Despite the ongoing SEC lawsuit, Ripple’s XRP exploded by 50% today as bulls are trying to stage a recovery.

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About The Author

George Georgiev

Georgi Georgiev is CryptoPotato’s editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi’s passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn’t looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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