First Mover: As Bitcoin Shoots Past $18K, There’s Comfort in the Crowded Trade

First Mover: As Bitcoin Shoots Past $18K, There’s Comfort in the Crowded Trade


Bitcoin’s ascent continues, with prices scaling the $18,000 mark during Asian trading hours. In a sign of persistent dip demand, sudden pullback to $17,200 seen following the breakout to fresh 34-month highs was quickly reversed. 

Bitcoin will now be setting its sights on the all-time high of $20,000,” Simon Peters, crypto asset analyst at multi-asset investment platform eToro, said in an email. “The last time bitcoin hit the $20,000 mark was in 2017 and retail investors piled in as they experienced crypto FOMO.”

In traditional markets, European shares and U.S. stock futures gained ground, and safe havens such as gold and the dollar weakened as investors continued to price in prospects of swift global recovery on potential coronavirus vaccines. 

Bitcoin price chart.

Source: TradingView

Market moves

Has betting on bitcoin become a crowded trade? 

That was the assessment of some 4% of global fund managers in a monthly

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