Bitcoin has undergone a strong rally since the lows seen just two weeks ago. The leading cryptocurrency currently trades for $13,050, far above the aforementioned lows and above the medium-term lows set during the September correction at $9,800.
Some have argued that the cryptocurrency is severely overbought. As reported by NewsBTC previously, one trader recently noted that the cryptocurrency’s one-day Fisher Transform indicator is currently at highs not seen since August, May, and February of this past year. As can be seen in the chart, each of the named periods marked medium-term highs in the price of Bitcoin.
Chart of BTC's price action over the past year with analysis by crypto trader Moe (@Moe_momentum_ on Twitter). Source: BTCUSD from TradingView.com
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Bitcoin Could Be Seriously Higher in a Month
Despite this precedent, analysts think that BItcoin will be seriously higher in a month from now.
Real Vision, a leading financial media outlet followed by fund managers and retail investors across the globe, recently released its latest Real Vision Exchange Survey report. Members of the website are polled by Real Exchange to show how bullish or bearish the average user is on certain assets.
As can be seen, most investors are extremely bullish on Bitcoin and are expecting the asset to rally more than 5% in the month ahead: