Bitcoin has plenty of scopes to extend its current rally, a price indicator suggests, even as the cryptocurrency is fast closing in on the record high near $20,000 set three years ago.

According to Nischal Shetty, CEO of Mumbai-based crypto exchange WazirX, bitcoin is replicating price moves seen following previous halvings – four-yearly reductions in the rewards for miners.

While the recent sharp rise from $10,000 looks similar to the surge from $6,000 to $20,000 seen in November-December 2017, this time may be different. Institutions appear to have been the primary drivers of the latest rally, while the one seen three years ago was driven by speculative frenzy and panic buying by retail investors.

https://finance.yahoo.com/news/bitcoin-indicator-suggests-bull-market-105405735.html