Bitcoin Rally: Analysts Track What’s Fueling It
Bitcoin has been all over the mainstream these days after the king coin managed to hit $20k and even beyond.
As it’s been already reported, BTC also hit $24k a few hours ago. At the moment of writing this article, BTC is trading in the green, and the coin is priced at $23,466.02.
Analysts reveal what’s been fueling the BTC rally
The online publication the Daily Hodl addresses what’s been fueling this massive BTC rally that has been taking place over the past few days.
Analyst PlanB said that BTC seems to be shrugging off the news rules of crypto transactions that are proposed by the US Treasury’s FinCEN dept.
#bitcoin looking strong, despite US KYC/AML crap pic.twitter.com/D01V0omOiW
— PlanB (@100trillionUSD) December 19, 2020
The same online publication also brought up analyst Cantering Clark who just told his followers on Twitter that derivatives are seemingly leading the rally.
Perps leading all of this.
Expecting a flush at some point before a bigger move up.
Might overextend up in the interim but I see us sweeping back down into the 22 zone either way.$BTC
— Cantering Clark (@CanteringClark) December 19, 2020
Someone said: “eh. So many Twitter people keep saying similar things as we keep rising. No one has a clue. Throw the charts out. Massive buying is accelerating and not slowing. Trading up here is a complete guessing game. zero technicals.’
Another follower posted this message: ‘derivatives show the recent rally isn´t fueled by organic demand but rather by over-leveraged people borrowing funds to be fair though, these runs can go a lot higher than people think and by then spot can easily catch up.”
Scott Melker also had something to say:
Closed my $BTC leveraged long. Overbought bear divs are likely, not guaranteed. But I would love to long a retrace if given the chance. Especially a retest of the old all times high as support.
— The Wolf Of All Streets (@scottmelker) December 19, 2020
Stay tuned for more predictions.
