Bitcoin's rise above $20000 stumped analysts

on Wednesday, December 16, 2020, exceeded the $20,000 level for the first time ever. The first cryptocurrency jumped $1,000 in a few hours, testing levels near $20,800.

On November 30, bitcoin updated its historical high recorded in late 2017 on several exchanges. Then the price rose above $19,800, but many market participants refused to recognize the record before reaching the level of $20,000, writes ttrcoin.

For more than two weeks, the cryptocurrency tested investors' patience, falling below $18,000. However, as a result of the recent 5% rise, the key mark was taken.

There is no consensus among analysts on how bitcoin will behave once it enters uncharted territory. Many hope for an awakening of FOMO or lost profits syndrome among retail investors, whose levels of interest in the cryptocurrency market this year were incomparably lower compared to the excitement of 2017.

Among analysts, the positions of those who are set on the continuation of the bitcoin rally, at least until the end of this year, have strengthened. One trader under the nickname CryptoHamster believes that by the end of December, BTC will be trading in the range of $22,000 to $23,000, coinspot writes.

A dramatic change was previously pointed out by Bloomberg. The agency's senior strategist Mike McGlone, in his summer and fall reviews, predicted reaching $20,000 just near the end of 2020.

According to him, the cryptocurrency's fundamentals have been improving over the past 12 months. Such a trend was bound to lead to the rise of BTC.

Bank of America surveyed fund managers and found that bitcoin has significantly strengthened its position in the ranking of popular instruments in 2020.

15% of respondents pointed to bitcoin as the most attractive asset. Tech stocks and short positions on the dollar were higher than BTC (52% and 18%, respectively).

Bitcoin continues to rise in price, but the interest of Russians in this cryptocurrency in December has noticeably decreased. This is evidenced by data from Google Trends. This month, the number of searches on the World Wide Web related to BTC fell by about 37%.