Bitcoin has been in a wild uptrend over the past few weeks, aggressively buying every setback.
This brought fairly steady gains, and sellers were unable to gain real control over Bitcoin’s price action.
Just today, Bitcoin is setting new all-time highs, its price rallying above $25,000 – and BTC shows little sign of slowing down anytime soon.
One trader writes in a tweet that he is watching closely for BTC to form a top as its rally heats up.
He notes that he would not be surprised to see the benchmark cryptocurrency correct towards $19,000 in the next 5 weeks before resuming its growth trend.
Bitcoin has seen massive growth recently, regardless of the rest Crypto Code of the crypto market. While BTC has been climbing higher, most altcoins have posted notable losses that have made it unclear whether an „alt season“ is imminent.
There is a possibility that the market’s near-term performance will largely, if not entirely, depend on whether Ethereum can make up ground against Bitcoin.
At the moment, this seems a somewhat distant event, as the cryptocurrency has been bleeding against BTC for weeks.
However, one analyst now notes that Bitcoin could soon see a sharp correction. This could be just what the altcoins need to gain some momentum.
Bitcoin rises to new highs
At the time of writing, Bitcoin is trading at $25,750, marking a massive rise from its daily low of $24,000 reached yesterday morning.
Where the crypto asset goes next will likely depend on whether it encounters strong resistance around $26,000. As it is in price discovery mode, there is a possibility that it will simply continue to rise on a daily basis.
Analyst: BTC likely to see sharp correction soon
Although the bitcoin rally shows no signs of slowing down at the moment, one analyst believes a correction is coming in the near future. He writes:
„I think the market is approaching a top for BTC. Early warning signs for me are that the duration of any consolidation is getting shorter and the rallies themselves are shorter. I wouldn’t be surprised if we see a 30% correction towards 19-20k in the next 4-5 weeks.“
Image courtesy of Pentoshi. Source: BTCUSD on TradingView.
The coming weeks should shed light on how strong and long-lasting Bitcoin’s ongoing rally will be.