The crypto market has been in a strong bull run over the past few days and that has pushed Bitcoin (BTC) to its second-best day ever. Almost every trader now seems to be fixated on the magical figure of $20,000 per BTC.
After such a sharp up-move, some traders are calling for a top while others are projecting lofty targets for the future.
Cryptocurrency market daily performance. Source: Coin360
CNBC Fast Money host Brian Kelly, for example, believes that the recent violent moves in altcoins, overpriced Bitcoin address growth, and rising funding rates pointing to the arrival of retail traders, maybe a warning sign of a short to medium-term top.
On the other end of the spectrum are analysts such as Off the Chain Capital chief investment officer Brian Estes who believes that Bitcoin could rally to $100,000 in one year and even better it to $288,000 by the end of 2021.
Another bullish view was projected by Gold Bullion International co-founder Dan Tapiero who opines that Bitcoin could rally to somewhere between $300,000 and $500,000 in the next five years.
During a bull cycle, it is very easy to get sucked into making hasty decisions. Actions taken due to greed could wipe out the trading account, especially if traders use excessive leverage in a volatile market. Therefore, traders should stick to their trading strategies and mitigate risk.
After the vertical rallies of the past few days, is there more steam left or is it time for a correction? Lets analyze the top-10 cryptocurrencies to find out.
Bitcoin (BTC) broke the $19,000 barrier on Nov. 24 and is trying to inch higher towards the ...
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