Bitcoin really is an asset like no other, on technical charts
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Up 38% this year through Friday, Bitcoin had its best start to a year since 2012, when it surged almost 60% over the first eight days
(REUTERS)
. Updated: 12 Jan 2021, 09:24 AM IST Bloomberg
Bitcoin’s feverish run-up has called into question whether it’s gone too far, too fast
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Everyone has watched in awe as Bitcoin notched new highs almost daily. Now that its rally has abruptly ended, investors are wondering if they’re starting to witness the start of an even quicker crash.
Analysts and strategist on the lookout for frothy behavior have plenty of examples to point to. Take, for instance, Bitcoin’s moves on Thursday, when, near a record-high, it traded 179% above its average price over the past 200 days, three times the distance the Nasdaq 100 sported during the heydays of March 2000. The digital coin was up 120% over the past 20 sessions, a rate of return that’s also