Bitcoin is enjoying a strong post-Christmas rally despite a strong drop heading into the holiday. The leading cryptocurrency just burst past $26,000 a few minutes ago and is up 7% in the past 24 hours alone.
BTC is now at a new all-time high at $26,500.
Chart of BTC's price action over the past two weeks from TradingView.com
Altcoins are surprisingly underperforming Bitcoin as the leading cryptocurrency sucks all the air out of altcoins. Ethereum is up by only 3.5% in the past 24 hours, underperforming BTC’s 7% performance.
Bitcoin Explodes Past $26,000
Analysts are mixed over what comes next for the Bitcoin price. Some think that the cryptocurrency is clearly reaching a medium-term peak as the market becomes extremely overbought. One trader, referencing the chart seen below, recently stated:
“Early 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 towards 19-20k.”
I do think the market is nearing a top for $BTC
Early 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 towards 19-20k pic.twitter.com/F3OgoUCy3F
— Elegant Degenerance (@Pentosh1) December 26, 2020
Bitcoin could continue to push higher, though, as institutional money floods into this space. There is a growing contingent of analysts that are hesitant to focus only on the technical trends of the leading cryptocurrency as it is clear that the dynamic around the demand for Bitcoin has changed from previous market cycles.