The volatile virtual currency has gained more than 170% this year amid stock market turmoil.
On Wednesday Bitcoin jumped 4.5% to as much as $20,440 buoyed by demand from large investors keen on its potential for quick profits.
There are also expectations that it may gain more widespread traction as a payment method from the likes of Starbucks and Microsoft.
But it has been a bumpy ride for investors, with the cryptocurrency passing $19,000 in November before dropping sharply.
A previously rally in 2017 saw it come close to breaking through the $20,000 level. But it has also hit extreme lows and has fallen below $3,300 previously.
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