Bitcoin Surges as Russell 2000 Posts Bullish Hammer
Bitcoin has surged in recent trading sessions, defying initial expectations of a bearish outlook. Instead, buyers stepped in and shorts were forced to cover their positions, leading to an excellent right-hand-base development on the longer weekly chart.
This has led some analysts to predict that Bitcoin could challenge $125K by 2028, if not sooner. However, they caution that long-term investors should wait for prices to narrow again in low volume before buying.
The Russell 2000 index has also posted a bullish hammer, negating the bearishness of Thursday's black candlestick. Stochastics are firmly oversold, and while technicals are net bearish, trading volume has picked up, providing bulls with something to work with for an end-of-year rally back to $300.