The price of Bitcoin (BTC) exceeded $17,400 in a strong intraday rally. On Coinbase, BTC even came close to the $17,700 mark, setting a new two-year high. As BTC glides through the multiyear resistance above $17,000, analysts are divided on its short-term outlook. Some say that BTC is primed for a pullback as whale deposits begin increasing. Others believe there is little resistance until $20,000 and that an all-time high is likely before the next deep correction.
The momentum of Bitcoin in the past month has been particularly impressive due to two key reasons. First, during previous bull cycles, as long-time trader Peter Brandt explained, BTC saw up to nine corrections. But in the ongoing rally, BTC has seen merely two 10% corrections. Second, Bitcoin has consistently recovered from areas where corrections were expected, such as on Nov. 16 when it hit $14,774 on Binance.
However, calls for a pullback are also increasing as the market sentiment around Bitcoin