One analyst argues that a rapid BTC move could bring the coin towards $28,000 soon as the number one cryptocurrency underwent a strong rally over the past day despite the coin facing a strong dip on Christmas day. Following the latest developments, we can see that the coin is up by 7% in the past 24 hours alone so let’s follow up on the latest Bitcoin news today.
The data from coinGecko shows that the coin is up by 8% in the past 24 hours alone, pushing from the $24,500 region to $26,700. During the peak a few hours ago, BTC traded as high as $27,000 on some markets and the coin outperformed most altcoins as it sucked the life out of them due to the strength of the rally and the focus on BTC. One trader shared a chart showing that Bitcoin is postulated in a way that could top at $28,000 in the near to medium term. the charts show that BTC’s relative strength index is sitting at the 2017 highs indicating that the market is overbought to some extent. While this doesn’t signal there’s an immediate correction that will take place, it could show that investors will start to get cautious about expecting more upsides.
According to the analyst which shared the charts, there’s a point where this rally could top in the near to medium term to above $30,000. This is where there 1.618 fib extension of the rally from the 2017 Chinese FUD lows to the $20,000 highs. Despite the rally and expectations for more gains, some don’t put as much faith in the crypto asset. Shark Tank star Kevin O’Leary called BTC not an institutional investment vehicle and cited the fact that some other altcoins are worth $50 instead of $100. This is interesting because he claimed that every investor should have about 1% of their portfolio in BTC to hedge against crypto volatility.
As reported earlier today, BTC reached $27,000 overnight as the price started increasing and breaking multiple resistance levels against the US dollar. The BTC price corrected lower slightly but it remains well supported above $25K and the 100 simple moving average. There’s also a key bullish trendline forming near the support of $25,000 on the 4-hour charts of the pair with it most likely having a chance towards $28,500 and $30,000 in the near-term
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