Bitcoin Breaks Above $79,000. Is Parabolic Spike Underway?

Bitcoin, the leading cryptocurrency by market capitalization, recently reached a new record high of $79,629 on the Bitstamp exchange. 

The flagship coin has already set multiple lifetime peaks this weeks, and it is seemingly poised to surpass $80,000 level next year. 

It is currently trading at $78,910 on the Bitstamp exchange after paring some of its most recent gains. 

According to data provided by cryptocurrency analytics firm CoinGlass, more than $384 million worth of crypto has been liquidated over the past 24 hours alone.  

Short positions account for the vast majority of this brutal wipeout ($279 million). 

The largest liquidation took place on Binance, with one trader losing as much as $13.1 million. 

Overall, 132,440 suffered and had to face liquidation in just a single day. 

Polymarket bettors currently see a 27% chance of the Bitcoin price reaching the $90,000 mark as soon as this month. There is also a 28% chance of Bitcoin hitting $100,000 as soon as this year. 

Pseudonymous Bitcoin analyst Dave the Wave has suggested that the leading cryptocurrency is already in middile of a parabolic spike. 

As reported by U.Today, prominent trader Peter Brandt predicted that Bitcoin could end up peaking at $150,000 next year.  

The latest price spike has coincided with strong inflows recorded by various ETF products. BlackRock's Bitcoin ETF recently shattered records with more than $1 billion worth of inflows in a single day. 

As noted by prominent ETF expert Nate Geraci, Bitcoin ETFs now hold more than 1 million coins. In fact, they are nearing 5% of Bitcoin's total supply.