The U.S. dollar’s rise on the news maybe be playing spoilsport to the bitcoin bulls.
While a 31% rally to $50,000 in two weeks may be challenging to envision, it is far from impossible, given bitcoin’s prior rallies.
The token is at the highest level since November 2018 in what one observer called a “perfect storm.”
In 2018, legendary investor Warren Buffett referred to the cryptocurrency as “probably rat poison squared.”
Analysts say the bitcoin market now looks less overheated than it did on Monday.
Bitcoin is increasingly competing with gold as an investment asset and has scope for substantial gains over coming years, according to JPMorgan strategists.
Coinbase Pro exchange registered an outflow of over 35,000 bitcoin worth more than $1 billion early Saturday.
Bitcoin nearly triples its price in 2020 and ends the year close to $29,000, but ether gained 450%.
As bitcoin rallied from $13,400 to over $19,000, a trader who bought the $36,000-strike January expiry call saw a paper profit of more than $4 million.