Bitcoin has extended its rally to the second day. The surge which began yesterday came after a rocky start to the week with Bitcoin falling as low as under $10K. By gaining by as much as 20% yesterday, Bitcoin bulls quickly turned the situation around and saw Bitcoin climb back above $11K.
Today, the bulls have further extended their gains, climbing above $11,500. At the time of press, Bitcoin has surged by 4%, climbing to around $11,700. Now, all eyes are on $12K as the next key target. The surge has since seen Tom Lee state that Bitcoin could be lining up for ‘fireworks’.
Altcoins Still Struggling To Breakaway
Gains from Bitcoin in the last 48 hours have seen the total market cap climb back above $330 billion. However, altcoins continue struggling to rally. Ethereum, for instance, is yet to breach above the $300 position. XRP, on the other hand, is still below $0.40. This, as we have stated before, is because they continue to lose to Bitcoin in dominance. At the time of press, Bitcoin has climbed back to reach 63% in dominance.
Tom Lee’s Prediction
In a tweet, the analyst stated:
“bitcoin has acted very differently since crossing above $10,000–a level we defined as Level 10 FOMO as it only represented 3% of historical days.
This week we may see fireworks for $BTC”
Some analysts are predicting that Bitcoin will be able to achieve its all-time high of $20,000 in the next two weeks. This could be easily achievable if Bitcoin can climb above $15,000 before the start of next week.
With Bitcoin continuing to show movement correlation with Tether, there could be some action in the days to come. Tether has reportedly printed out $100M USDT and already sent it to its treasury address.
Tether Prints Out $100M USDT, Will This See BTC Prices Change?
In the past, there has been speculation that Tether has manipulated Bitcoin prices, most notably during the 2017 surge. Some are going as far as speculating that the current rally is being manipulated by the famous stable coin.
With the print out of the new USDT coming right before the weekend, we could see some explosive movement. Last month, major moves came during the weekend and the same trend might continue into the new month.