Bitcoin is enjoying a strong post-Christmas recovery, despite a sharp drop towards the holiday. The leading cryptocurrency just overtook $ 26,000 a few minutes ago and has increased by 7% in just the past 24 hours.
The BTC reached a new historical record of $ 26,500.
Chart of BTC's price action over the past two weeks from TradingView.com
Altcoins perform surprisingly poorly for Bitcoins, as the leading cryptocurrency sucks all the air out of altcoins. Ethereum grew by only 3.5% in the last 24 hours, falling below BTC’s 7% performance.
Related reading: See why Ethereum’s DeFi market may be nearing its end
Bitcoin explodes after $ 26,000
Analysts are confused about what comes next for the price of Bitcoin. Some think that the cryptocurrency is clearly reaching a medium-term peak, as the market becomes extremely overbought. A trader, referring to the chart below, recently stated:
“The first warning signs for me are the duration of each consolidation getting shorter with the rallies themselves being shorter. I wouldn’t be surprised to see a 30% correction in the next 4-5 weeks at some point around 19-20k. “
I think the market is reaching the top for $ BTC
The first warning signs for me are the duration of each consolidation getting shorter and the rallies themselves being shorter.
I wouldn’t be surprised to see a 30% correction in the next 4-5 weeks at some point around 19-20k pic.twitter.com/F3OgoUCy3F
– 🔥Pentoshi🐧 (@ Pentosh1) December 26, 2020
Bitcoin may continue to rise, however, as institutional money floods that space. There is a growing contingent of analysts who are hesitant to focus only on the technical trends of the main cryptocurrency, as it is clear that the dynamics around demand for Bitcoin has changed from previous market cycles.
Related reading: 3 Bitcoin On-Chain trends show that a bull market is forming
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Explodes Past $26,500 in Post-Christmas Rally