Source: Sina Finance and Economics on January 2, bitcoin continued to rise, breaking the $31000 mark, up 6.2% in 24 hours. Why is bitcoin so crazy? David grider, chief digital strategist at fundstrat, said the recent surge in bitcoin was mainly due to institutions and companies buying more bitcoin as assets and the latest round of US stimulus plan boosted retail demand. He further said that conditions are in place for cryptocurrency prices to continue to rise next year: we are still looking at multi bitcoin and raising our target price from US $25000 to US $40000. But he also said that based on the recent collapse of bitcoin, some people may seek profit taking, which may slow or reverse the rise of bitcoin. Potential regulatory actions and the emergence of other new cryptocurrencies may also hinder the continued rise of bitcoin. The analysts said that although they would not see these possible events as a long-term negative impact on the TCD, they could still be a negative factor in the market sentiment and price falling together. Mark Newton, the founder and President of Newton advisors, said from the technical chart that the rising trend of bitcoin may be suspended in 2021: bitcoin has just broken through an all-time high, and the asset is still quite bullish in the medium term. However, bitcoin’s rising momentum will not continue without interruption. My cyclical composite index shows that bitcoin’s short-term rally will peak in early January. But in any case, bitcoin’s popularity is still beyond doubt, and people’s acceptance of this digital currency is getting higher and higher. Just a few days ago, NFL star Russell okung changed half of his million dollar annual salary into bitcoin, realizing his desire to let the League pay in bitcoin.