Bitcoin price is steamrolling toward $18,000 and excited traders are calling for the top-ranked digital asset to overtake the 2017 all-time high at $19,763. Unless you’re a bear, reaching a new all-time high is great but ideally, for a sustainable rally to maintain its pace, a staircase uptrend is more beneficial than a sudden upward climb.
In recent weeks, BTC has continuously surged higher without prolonged consolidation periods or any major dips.
BTC/USD daily chart. Source: TradingView.com The chances of a blow-off top is increasing
A pseudonymous trader known as “Squeeze” specified the lack of consolidation in Bitcoin has been a trend since late October and he hinted that this can exhaust the momentum of the current rally.
While Bitcoin’s momentum has been strong, the price has also increased by nearly six-fold since the March crash. When BTC continues to increase without major corrections, the probability of a large pullback increases. The trader wrote:
“Consolidations are getting shorter without