The price of Bitcoin (BTC) briefly spiked to $47,765 at 00:34 a.m. UTC on the Bitstamp exchange, hitting the highest level since Jan. 3.
The cryptocurrency briefly turned positive for the year after the sudden price spike. However, it is worth mentioning that it is still 32.11% from reclaiming its all-time high of $69,044.
At press time, Bitcoin is trading just below the $47,000 level on major spot exchanges, struggling to extend the uptrend.
The top cryptocurrency displayed poor performance at the beginning of the year due to risk-off sentiment caused by the Federal Reserve’s hawkish U-turn. As reported by U.Today, Bitcoin hiked the benchmark interest rate for the first time since 2018 earlier this month.
The world’s largest cryptocurrency is now up roughly 26% over the past two weeks, putting bulls back in the driver’s seat. However, it remains to be seen whether this rally will have legs.
Bitcoin’s strength has also boosted some of the top altcoins, with Ethereum (ETH) adding about 5.27% over the last 24 hours.
Polkadot (DOT) is currently the best-performing altcoin within the CoinMarketCap top 10, adding more than 8%.
A repeat of the 2019 rally?
In a recent tweet, chartist Peter Brandt noted that Bitcoin could be in the process of forming the ascending triangle pattern. The veteran trader pointed to the similarities between the current price action of the largest cryptocurrency and its performance in 2019.
However, he has also cautioned his followers that charts “do not predict the future,” and they can still fail or morph. Brandt has jokingly predicted that Bitcoin may resume its downtrend if “laser eyes” reappear, taking a jab at overly exuberant community members.