Summary
- The Kobeissi Letter analyzed that Bitcoin (BTC) still has upside potential.
- Unlike in the past, most altcoins are currently unable to reach new all-time highs, and it was noted that there is a continued BTC-only bullish trend.
- As of the 12th, the BTC price was reported to be trading at $117,379.77, up 4.22% from the previous day.
On the 11th (local time), financial market analysis outlet The Kobeissi Letter analyzed through its official X (formerly Twitter), "Bitcoin (BTC) still appears to have upside potential."
The outlet stated, "When BTC reached new all-time highs in February and November 2024, 75% and 40% of the entire crypto market, respectively, were within 5% of a 252-day high," and explained, "However, at present, this proportion remains at nearly 0%."
It continued, "In the past, when most altcoins reached near their all-time highs, BTC often went through corrections. However, now there is a ‘solo rally’ where only BTC is surging," and added, "This indicates that BTC still has room for further gains."
Meanwhile, as of 01:39 on the 12th, BTC was trading at $117,379.77 on the Binance Tether (USDT) market, up 4.22% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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