- It has been a wild past few days and weeks for Bitcoin and the entire crypto market
- The benchmark digital asset’s price has gone parabolic, rallying from recent lows of $17,600 to highs of $23,700
- Although it faced a rejection at these highs, its outlook is still incredibly bullish and it has recovered most of its overnight losses
- Its present strength does seem to indicate that further upside could be imminent in the near-term
- One on-chain analyst is noting that this breakout rally is, in some ways, a victory lap for Bitcoin
- He contends that BTC has now “won the game against other asset classes” and is likely to rally higher as institutions take hold of its price action
The past couple of days have been historic for Bitcoin, with the cryptocurrency’s price rallying as high as $33,700 overnight after breaking above its all-time highs yesterday.
This momentum is showing few signs of slowing down either, with a massive influx of hype from celebrities and notable figures on Twitter helping spark inflows of retail capital – similar to that seen in 2017.
However, a key difference between the ongoing rally and that seen in 2017 is that institutions are now the leading force backing the crypto’s ascent.
This has led one analyst to note that it cannot be “regulated away” due to these institution’s political influence.
Bitcoin Rallies Higher as Momentum Shows No Signs of Faltering
At the time of writing, Bitcoin is trading up just under 10% at its current price of $23,200. This is around the price at which it has been trading throughout the past few hours.
Because bears have yet to gain any serious edge over bulls – despite the crypto posting a couple of seemingly classic top formations – there’s a strong likelihood that BTC continues pushing higher.
Willy Woo: BTC has Won the Competition Against Other Asset Classes
On-chain analyst Willy Woo explained in a recent tweet that he believes this latest push higher has vindicated Bitcoin’s status as a premium and legitimate asset class.
He also notes that institutions’ involvement in the market will protect it from regulators and help lead to further growth.
“This feels like the moment Bitcoin won the game against all the other asset classes. With this breakout fueled by institutional folk, no way it can be regulated away; Sovereign Wealth next. Then it gets to change the world for real. Exciting times!”
There’s no question at this point that the next few months are going to be quite exciting for Bitcoin.
Featured image from Unsplash. Pricing data from TradingView.