We’re closely monitoring bitcoin to detect the right opportunity to take a long position again and we’re currently focusing primarily on the 3-day chart. It’s risen smoothly so far this year and Xbit is monitoring price action for a significant disruption.

On the other hand, we’re not loving how optimistic analysts are right now. The high price over the past few days has lead to consensus being too positive. I’d like to see a few analysts turn bearish. I suspect some will turn bearish soon.