Bitcoin is enjoying a strong rally after Christmas despite a sharp drop on the way to the holiday. The leading cryptocurrency just jumped 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 surprisingly underperform Bitcoin as the leading cryptocurrency is sucking all the air out of altcoins. Ethereum is up just 3.5% in the last 24 hours, which is underperforming BTC’s 7% performance.
Related reading: This is why Ethereum’s DeFi market can be near a bottom
Bitcoin explodes past $ 26,000
Analysts are mixed on what comes next for the Bitcoin price. Some think the cryptocurrency is clearly peaking in the medium term as the market becomes extremely overbought. A trader, referring to the chart below, recently stated:
“Early warning signs to me are that the duration of each consolidation is getting shorter and the rallies themselves are getting shorter. I wouldn’t be surprised if I saw a 30% correction towards 19-20 km in the next 4-5 weeks. “
I do think the market is approaching a peak $ BTC
Early warning signs to me are that the duration of each consolidation is getting shorter and the rallies themselves are getting shorter.
I wouldn’t be surprised if at some point in the next 4-5 weeks I saw a 30% correction towards 19-20k pic.twitter.com/F3OgoUCy3F
– 🔥Pentoshi🐧 (@ Pentosh1) December 26, 2020
However, Bitcoin could push further as institutional money flows into this space. There is a growing contingent of analysts hesitant to focus solely on the technical trends of the leading cryptocurrency as it is clear that the dynamics around Bitcoin demand have changed from previous market cycles.
Related reading: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Growing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Explodes Past $26,500 in Post-Christmas Rally