- The past days and weeks have been wild for Bitcoin and the entire crypto market
- Benchmark digital asset price has gone parabolic from recent lows of $ 17,600 to highs of $ 23,700
- While it faced a rejection at these highs, its outlook is still incredibly optimistic and has made up for most of its overnight losses
- Its current strength seems to indicate that further upward force could come in the near term
- An on-chain analyst notes that this breakout rally is in some ways a victory lap for Bitcoin
- He claims BTC has now “won the game against other asset classes” and is likely to rise higher as institutions take its price action
The past few days have been historic for Bitcoin, with the the price of cryptocurrency rallied to $ 33,700 overnight after breaking above its all-time high yesterday.
This momentum is also showing little sign of slowing down, with a massive influx of celebrity hype and notable numbers on Twitter boosting retail capital inflows – similar to those in 2017.
However, an important difference between the ongoing rally and the one in 2017 is that institutions are now the leading force supporting the rise of crypto.
This has led an analyst to point out that it cannot be “ruled out” due to the political influence of this institution.
Bitcoin is rising higher as the momentum shows no signs of a falter
At the moment of writing, Bitcoin is trading just under 10% at the current price of USD 23,200. This is around the price it has been trading at for the past several hours.
With bears not yet seriously ahead of bulls – despite the cryptocurrency having posted some seemingly classic top formations – there’s a good chance that BTC will continue to push higher.
Willy Woo: BTC has won the competition from other asset classes
He also notes that the involvement of institutions in the market will protect them from regulators and contribute to further growth.
“This feels like the moment when Bitcoin won the competition against all other asset classes. With this outbreak fueled by institutional people, there is no way it can be eliminated; Sovereign wealth next. Then it will really change the world. Exciting times! “
At this point, there is no doubt that the coming months are going to be pretty exciting for Bitcoin.
Featured image from Unsplash. Pricing data from TradingView.