As Bitcoin’s Unstoppable Rally continues…
Bitcoin pointed to $18632.30, up 3.95% from the previous 24 hours at the coin market cap at 4:05 pm on the 20th of New York time. Bitcoin’s intraday high was recorded at $11,8773.23. This is only $1,200 lower than the record high.
Bitcoin‘s all-time highs vary slightly between exchanges and aggregation agencies. Coinmarket Cap recorded a record high of $289.00 on December 17, 2017.
As always, opinions about Bitcoin’s short-term future prospects are mixed. Although there are high expectations that Bitcoin will test $20,000 sooner or later, there are also a number of analysts expecting a temporary setback and correction.
The view that predicts Bitcoin’s $20,000 challenge without any significant price retreat is mainly based on strong demand with no signs of weakening, a continuing hoarding trend, and some FOMO phenomena. do.
Quantum Economics founder Marty Greenspan, according to CoinDesk, described the current situation as the price chart suggests that bitcoin is about to retreat a long time ago, but is now flocking to the smaller bitcoin market. .
In a note to clients, Charlie Morris, CEO of cryptocurrency fund manager Bytetree, compared the current strong institutional buyback to a tsunami. “Buyers are pouring real money into bitcoin,” he said. It’s not a stab investment by retail investors.”
In a recent report, Arcane Research, a digital asset market analyst firm, said, “There seems to be nothing that can stop bitcoin now.”
Bitcoin‘s parabolic pattern peak and adjustment
On the other hand, the view for short-term corrections cites the signs of technological overheating and the historical behavior of Bitcoin. NewsBTC said that bitcoin seems to form a parabolic peak, and that this usually leads to a downward tightening or a sideways phase. It also added that the fact that the relative strength index (RSI) on the daily chart is in the overbought area indicates the possibility of some price adjustments.
Bitcoinist also diagnosed that Bitcoin’s current uptrend was driven by derivatives traders amid rising funding rates, which could be a sign that a decline is imminent in the short term.
Cryptopotato commented that it would be very interesting to see if Bitcoin’s current rally will continue or if a correction will come, but so far the situation seems to have leaned in favor of the bulls.
As Bitcoin's Unstoppable Rally continues... - /10