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Bitcoin (BTC-USD) held near $86,000 on Tuesday following a multi-session rally that led some analysts to declare the end of the cyclical "crypto winter." Fundstrat head of digital assets Sean Farrell told Yahoo Finance on Monday that the breakout is credible, though he cautioned that the path higher will not be linear.
The token jumped more than 5% on Friday and another 6% on Monday, driven by risk-on sentiment amid falling oil prices.
Compass Point analyst Ed Engel wrote on Tuesday that crypto is in the early innings of a new bull market with few signs of overheating.
Nicolai Søndergaard, senior research analyst at Nansen, attributed the move to a combination of renewed ETF demand and a large short squeeze, where traders betting against bitcoin are forced to buy it back.
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