Bitcoin overbought, but no correction until the end of 2021

On Monday, December 7, Bitcoin (BTC) is trading at $19,289. Volatility remains weak and there is nosignals to its rapid aggravation.

Analyst Timothy Peterson believes that today'sthe price of BTC is approximately 6-9 months ahead of the fundamentals of the largest cryptocurrency. The Bitcoin rate is overvalued by 50%, but there is no reason to panic, the expert wrote on Twitter.

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He stressed that the coin is greatly overvalued, but this does not mean that soon we will be waiting forNormally, capital inflows into a particular instrument are well above expectations, thanks to close attention from market participants.

According to Peterson, bitcoin should trade near $20,000 or slightly above this level in 2021.

In August, the same analyst predicted that BTC could break above $17,000 by the end of this year. However, the probability of such a jump was only 30% at the time of his tweet.

Now Peterson expects thatBy the end of next year, the largest digital currency will be in the region of $24,000.If we see the same overestimation as now, the BTC rate will reach$36 000.

Interest in Bitcoin on the Internet is currently very high indeed. For example, social media users are expecting a breakthrough soon, as stated in a report by the Santiment team.

According to the social volume andpositive/negative commentary ratio of #Bitcoin on #Twitter, it does appear that the euphoria has died down a bit as market prices came up just short of $20k on previous attempts. But still more optimistic than $BTC's normal resting average. https://t.co/4YzSBAOnHQ pic.twitter.com/nzqqAgZZuB

— Santiment (@santimentfeed) December 6, 2020

Similar data is provided by Google Trends. Currently, the number of BTC-related internet searches is at its highest level since December 2019.

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