Bitcoin (BTC) is not far from a accident-off tiptop price implosion but investors are "aggressively" ownership the dip.

Speaking to Cointelegraph on Jan. 8, popular analyst Filbfilb revealed that Bitcoin was due a corrective phase given the footstep of recent gains.

Filbfilb: I don't think we're far from blow-off tiptop

On Thursday, BTC/USD exceeded $twoscore,000 earlier a spectacular reversal saw a $2,200 drawdown in under v minutes. Thereafter, fresh attempts to flip $twoscore,000 to support were met with rejection, and publication-fourth dimension levels circled $38,400.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

With market participants corking to know what volition come next, Filbfilb told Cointelegraph that a new style of buying was fuelling repeated all-time highs. As with any market, notwithstanding, vertical gains cannot concluding forever.

"Bitcoin has continued to make increasingly smaller consolidations after failed sell off attempts. This points to a climatic conclusion at an increased probability in terms of time. I don't call up we are far from a blow off summit, but how loftier that could go is anyone's guess," he said.

"In terms of a correction, all we know today is that xx% corrections are bought with aggression. Until that changes then I hate to use a cliché but the tendency is your friend."

This automatic trading style itself points to a new class of investor needing to enter the market with larger amounts, rather than the coincidental transmission exposure which characterized the 2017 blitz to $20,000.

"It was more than that there are still obvious signs of accumulation algorithms and that accumulation algorithms seldom care near the toll when their goal is to invest X$ in Y time menstruum," Filbfilb added.

Upside in "uncharted territory"

At $xl,000, meanwhile, a unmarried Bitcoin passed the value of the United States median annual salary for the first time.

U.S. median salary historical chart. Source: Federal Reserve/ Twitter

The largest cryptocurrency's 2021 gains alone were in excess of 42% at Thursday's peak of $forty,400, with the pullback that followed amounting to around ix% losses. While analysts retained the possibility of farther corrections, the mood on Fri was firmly bullish.

"The entire bull bike we're experiencing now will exist way larger than anyone is expecting it to end too," Cointelegraph Markets analyst Michaël van de Poppe told Twitter followers.

"Just like the $20,000 pinnacle high was way higher than everyone expected in 2016/2017 to be the top on Bitcoin. That's how markets work."

Statistician Willy Woo also noted the lack of references left on the Bitcoin spot chart to summate resistance, given the latest all-time highs. Only Fibonacci sequences remained.

"When there's no historic resistance levels, magic numbers in nature is all we have for support and resistance bands. Bitcoin is in unrestrained price discovery in uncharted territory, literally," he wrote.