Bitcoin (BTC) passed $seven,200 a 2d fourth dimension on December. 19 as previous bearish moves gave way to a render to higher levels.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC shows signs of a bullish comeback

Data from Coin360 and Cointelegraph Markets showed BTC/USD holding ground recovered higher up the $vii,000 marking late on Midweek. At press time, the pair traded at effectually $seven,100 after hit highs of $vii,345, marking 24-hour gains of nigh 8%.

Bitcoin 1-day price chart

Bitcoin 1-day cost nautical chart. Source: Coin360

With sentiment notoriously volatile this week, Bitcoin'due south progress has provided a welcome cause for broader optimism amidst traders and analysts.

In his latest update to Twitter followers, regular Cointelegraph contributor Michaël van de Poppe weighed the potential for further short-term gains.

"Earlier today everyone is feared to buy in, given crimson candles and $3K charts + overall surly sentiment. Now everyone is rushing to buy back in, equally the toll is upwards $750 since the depression," he summarized as the uptick kicked in.

Zooming out, stalwart Bitcoin bulls showed no sign of revising their enthusiastic view of the coming twelvemonth and beyond.

In an interview with crypto media network BlockTV, entrepreneur Tim Draper doubled down once again on his prediction that the Bitcoin cost would pass $250,000 by 2022.

More that, the series investor and Tezos (XTZ) sponsor said the sky-high levels could appear every bit soon as the terminate of 2022 — just half a year after Bitcoin's block advantage halving upshot in May.

"If you run a technical assay, it looks like it'll be something like half dozen months after the halving that nosotros will cross $250,000 per Bitcoin," he said.

Draper noted that at current levels, Bitcoin is "where it should be" co-ordinate to such technical analysis. Equally Cointelegraph reported, the pop Stock-to-Catamenia model for Bitcoin price forecasting puts BTC/USD at an average $viii,200 before the halving.

Bitcoin authority rises two% recent days

Altcoin markets meanwhile reacted favorably to Bitcoin'southward gains, with the elevation 20 past market place cap awash with dark-green on Thursday.

Ether (ETH), the largest altcoin past marketplace cap, saw a daily improvement of 2.1%, despite diverse factors coalescing to produce warnings of fresh selling pressure level.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Others behaved similarly, with Cosmos (ATOM) all the same leading the pack on nine.ane% gains.

The overall cryptocurrency market cap was $190 billion, with Bitcoin'southward share at 68.three% — 0.vi% higher than the day earlier. In the past seven days, Bitcoin dominance has increased by over 2%.

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