Bitcoin extends longest rally since 2020 Pandemic; More BTC upside ahead?

In early U.S. trade on Monday, January 12, the price of Bitcoin (BTC) surged to a level that hasn’t been seen in two months.

Bitcoin, Ethereum (ETH), and other cryptocurrencies have all rallied recently with optimism about cooling inflation, slower Fed hikes aiding mood, and CPI inflation data coming in lower once again. In doing so, Bitcoin extended its longest winning streak (8 days) since the 2020 Pandemic days.

Senior market analyst Jim Wykoff suggested that there is still more upside in the near term as “bulls have upside technical momentum amid a fledgling price uptrend in place on the daily bar chart. Wykoff also noted:

“Prices this week also pushed just above key resistance at the 50-day moving average, which is another bullish signal.”

Bitcoin price analysis

Currently, Bitcoin is trading at a price that is slightly higher than the crucial $18,000 level, after briefly trading below the threshold earlier on Monday. As things stand, BTC is trading at $18,027, which is an increase of 3.99% on the day and an additional 7.40% over the course of the previous week, with a total market value of $348.8 billion.

Interestingly, crypto trading experts hold a different take on the future price outlook for Bitcoin over the next week. For instance, Michaël van de Poppe noted that there is “probably some more downside from here for Bitcoin,” before rebounding upwards once more.

Meanwhile, pseudonymous analyst Altcoin Sherpa believes this is not a good place for longs on Bitcoin.

“Bad place to long here IMO…would rather wait for the break and retest or a dip before buying. I still think price overall goes higher as long as the print is reasonable. Currently flat in active positions but waiting for more clarity.”

The price of BTC has closed in the positive for the ninth consecutive trading day, however, which represents Bitcoin’s longest winning run since the pandemic days of 2020.

Institutional engagement in Bitcoin will most certainly take longer to recover, but there is little question that significant participants will return to the market when the outlook improves, driving up transactions and, therefore, price.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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