Despite the large decline before the holidays, Bitcoin still performed strongly after Christmas. A few minutes ago, the leading cryptocurrency just broke $26,000 and has risen by 7% in the past 24 hours alone.
BTC has now reached an all-time high of $26,500.
Chart of BTC's price action over the past two weeks from TradingView.com
Since the leading cryptocurrency draws all the funds from altcoins, the performance of altcoins is surprisingly lower than Bitcoin. In the past 24 hours, Ethereum has only risen by 3.5%, underperforming BTC̵
Related reading: This is why the Ethereum DeFi market may bottom out
Bitcoin breaks through $26,000
Analysts have mixed opinions on the next move of bitcoin prices. Some believe that as the market becomes extremely overbought, cryptocurrencies have clearly reached their mid-term peak. A trader recently referred to the following chart to indicate:
“For me, the early warning sign is that the duration of each merger will be shorter, and the assembly itself will be shorter. In the next 4-5 weeks, see a 30% adjustment sometime in 19-20k I will not be surprised.”
I do think the market is approaching the top of BTC
For me, the warning sign is that the duration of each merger will be shorter, and the assembly itself will be shorter.
I would not be surprised to see a 30% correction at some point in 19-20k in the next 4-5 weeks.
-🔥Pentoshi🐧 (@ Pentosh1) December 26, 2020
However, with the influx of institutional funds into this area, Bitcoin may continue to push higher. More and more analysts are reluctant to focus only on the technological trends of leading cryptocurrencies, because it is clear that the dynamics surrounding Bitcoin demand have changed from previous market cycles.
Related reading: 3 Bitcoin chain trends show that a macro bull market is brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Explodes Past $26,500 in Post-Christmas Rally
