Bitcoin has rallied 22 percent over the past month. While the premier cryptocurrency was at $6,538.01 on December 18, it touched $8,886.62 on January 15. Bitcoin was up over 80 percent in 2019 after it had declined more than 70 percent earlier.
Over the past week, Bitcoin jumped 7.1 percent and traded as high as $8,800. As they often depend on Bitcoin’s movement, altcoins such as Litecoin, Bitcoin SV and Ethereum have also seen a significant rise in volume. However, this may not last long as cryptocurrency analysts suspect a pullback soon.
Josh Olszewicz of Brave New Coin suggests a “long squeeze” as there are no RSI or volume divergences at the moment. When long positions start to unwind, a significant price movement downwards will result in an exaggerated move further, he says.
According to CNBC’s Brian Kelly, the address growth is declining while the Bitcoin price is moving up. While the exact opposite was going on in 2019, it was a “big buy signal”, he said.
Even though he is optimistic about Bitcoin experiencing further growth, he does not believe it is going to happen any time soon.
Bitcoin to the moon? The cryptocurrency is taking off again! pic.twitter.com/NlrB2BP1uT— CNBC's Fast Money (@CNBCFastMoney) January 14, 2020
"I think there is a huge upside for Bitcoin. Maybe just not tomorrow," Kelly said.
Bitcoin’s present marketcap is more than $158 billion.
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