What a spectacular run

Bitcoin has been the big winner of the holiday season and it just keeps on going. I sat down to write this post when it hit $30,000 and it's already at $31,000.

In late November, when bitcoin was trading at $18,000 I wrote about the bullish seasonal backdrop in December and highlighted $36,000 as a technical target.

What's forgotten about the 2017 rally was how quickly the last stage developed. It went from $6000 in mid-November to $19,000 on Dec 17.

The shape of this rally was more of a steady bid until mid-December but it's just now going parabolic so I don't think it's out of the realm of possibility to see a straight-shot move to $50,000 or even $60,000.

Source: forexlive.com

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