Traders suggest Bitcoin is heading towards its record high price, as the cryptocurrency traded about 4.25 percent higher at $19,207 on Tuesday morning, according to the CoinDesk website.
The news follows just as BTC climbed above $17,000 and then topped $18,000 within one week.
At the same time, Bitcoin's market value is now estimated at $355.9 billion, as compared to the $331.8 billion it reached during its record-high in December 2017.
#Bitcoin is within $500 of its all-time-high of 19,800 set 3yrs ago in December 2017. Let’s do this!— Tyler Winklevoss (@tyler) November 24, 2020
Social media users noticed that Bitcoin was surging simultaneously with falling gold prices. On Friday, a chief investment officer at BlackRock, Rick Rieder, suggested on CNBC's Squawk Box that the most sought-after digital currency could replace gold to a large extent because Bitcoin is "so much more functional than passing a bar of gold around".
According to trader Todd Gordon, the founder of TradingAnalysis.com, BTC, given its finite supply and portability, could reach $74,000 in the year ahead. Gordon's forecast is based on the Elliott wave theory, which posits that an overall trend consists of three ups and two "intervening corrections". Bitcoin has already witnessed the first four waves, and the fifth one could be its latest wave higher, he said.
"I can't believe I'm going to [...] say this, but it's about 74,000", Gordon told CNBC's Trading Nation. "The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61 percent of that target, which is only at 34,000."
Closing in on its all-time high, Bitcoin is making a big comeback, driven, apart from everything else, by PayPal and Square's Cash App, as they are going "crypto".