Bitcoin is seeing a strong rally after Christmas despite a sharp drop on vacation. The leading cryptocurrency surged over $ 26,000 a few minutes ago, up 7% in the past 24 hours alone.
BTC is now at a new all-time high at $ 26,500.
Graph of the price history of BTC over the last two weeks from TradingView.com
Altcoins are surprisingly worse than Bitcoin, as the leading cryptocurrency takes all the air out of altcoins. Ethereum is only up 3.5% in the past 24 hours, below BTC’s 7% performance.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be At The Bottom
Bitcoin explodes above $ 26,000
Analysts disagree on what’s next for Bitcoin price. Some think that the cryptocurrency will peak in the medium term as the market is extremely overbought. A trader referring to the diagram below stated recently:
“For me, the early warning signs are that the duration of every consolidation is getting shorter and the rallies themselves getting shorter. I wouldn’t be surprised if a 30% correction towards 19-20k could be seen at some point in the next 4-5 weeks. “
I think the market is nearing a spike for $ BTC
For me, the early warning signs are that the duration of every consolidation is getting shorter and the rallies themselves getting shorter.
I wouldn’t be surprised if a correction of 30% towards 19-20k could be seen at some point in the next 4-5 weeks pic.twitter.com/F3OgoUCy3F
– “Pentoshi” (@ Pentosh1) December 26, 2020
Bitcoin could continue to gain, however, as institutional money flows into this space. There is a growing contingent of analysts who are reluctant to focus only on the technical trends of the leading cryptocurrency, as it is clear that the dynamics of demand for Bitcoin have changed from previous market cycles.
Related Topics: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Brewing
Featured image of Shutterstock price tags: xbtusd, btcusd, btcusdt charts from TradingView.com Bitcoin explodes over $ 26,500 in post-Christmas rally