Bitcoin price has experienced an extreme rally over the past few days. After bottoming out in the $ 16,100 area last week, BTC soared to $ 19,600, trading as high as $ 19,900 earlier today. However, at press time, Bitcoin has regained its momentum slightly, trading at around $ 19,664, up more than 6% over the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price is expected to see further gains in the weeks ahead as the coin posts its best monthly candle close ever
Bitcoin price has experienced an extreme rally over the past few days. After bottoming out in the $ 16,100 area last week, the coin has skyrocketed to $ 19,600 since the article wrote. Earlier today, the coin was trading as high as $ 19,900 on some spot markets and over $ 20,000 in some CME futures markets.
Bitcoin is expected to increase further over the coming weeks as it closes its best monthly candle ever. BTC is also expected to see a large annual candle close if it holds these levels by the end of the year.
Legendary technical analyst, John Bollinger, says that Bitcoin is likely to decline or consolidate. Bollinger is best known for his Bollinger Bands indicator. The indicator is currently a staple in many traders’ toolboxes.
Bollinger commented on Bitcoin as follows:
“OK, time to pay attention, $BTCUSD. That is a classic top setup. No confirmation yet and the setup could easily be overrun, but wise traders should wash their glasses.”
Either way, analysts argue that the ongoing rally is the start of a long-term uptrend that will take Bitcoin well beyond its previous all-time highs.
Off the Chain Capital CIO recently told Globe and Mail that he thinks Bitcoin’s move to $ 100,000 in this market cycle is not unrealistic:
Raoul Pal, CEO of Real Vision, recently said that he thinks Bitcoin could reach $ 1,000,000 in the next 5 years due to the influx of funds from institutions. Pal just announced that 98% of his net worth (liquidity) is currently in crypto, Bitcoin, or ETH.
You can see the BTC price here.
Read more:
- Despite The Sharp Pullback Last Week, Bitcoin Price Looks On Track To Post Its Highest-Ever Monthly Price Close
- After Nearly Three Years Of Waiting, Bitcoin Price Traded As High As $19,786, Breaking The Previous Record Set In December 2017