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Bitcoin has been creating huge winds for the entire crypto market in the past few weeks. However, the strength of the uptrend shows several hesitation.
In a recent tweet, an in-chain analyst explained that he is currently watching signs of fatigue in BTC’s current rally, but has not shown its strength so far.
“Bitcoin has not yet entered the overheating zone”
He points out that compared to past parabolic spikes, this is only in the “hot” zone according to one indicator, that is, it has a way to go before it overheats.
Bitcoin is currently trading at $ 35,000 at just over 3%. This marks a huge increase from the $ 30,000 level set just a few days ago.
Last night, the crypto rose to an all-time high of $ 36,000 and these highs seem too strong to be retested.
If 36 thousand is broken, it can target over 40 thousand
A breakout here could put the cryptocurrency on a strong parabolic spike in excess of $ 40,000.
An analyst explained in a recent tweet that Bitcoin’s rally has not yet reached the levels at which it was extended, and stated that a historical analysis shows that this is only in its early stages.
This rally is hot but not overheated yet. This is the “speculative premium” we currently have compared to similar stages of the previous 2 bull markets.
Combined with this historical precedent, the fact that institutional inflows are fueling Bitcoin’s uptrend, there seems to be a strong possibility that a serious uptrend is imminent.
