Bitcoin price blasts by $17.5K, but not all agree rally is sustainable

Second, Bitcoin has consistently recovered from areas where corrections were expected, such as on Nov. 16 when it hit $14,774 on Binance.

In the near term, this could apply selling pressure to BTC. Traders also say that the current highs of BTC near $20,000 may be front-run, leading to a correction before the level is hit.

When Bitcoin whales deposit BTC into exchanges, the trend typically shows an intent to sell from high-net-worth investors.

"Tokens Transferred on the Bitcoin network is increasing, indicating that whale wallets are moving their funds. And Fund Flow Ratio for all exchanges is decreasing, meaning that exchanges did not evoke these large transactions. I think massive OTC deals are still on-going. That's one of the key reasons why I'm still long-term long on Bitcoin."

Selling when the price of BTC is going up is ideal for whales, as it limits the potential downside volatility.

"Looking at 'Exchange Whale Ratio', the BTC price is likely to face small corrections. When this is lower than 85%, the chances of the price continuing to rise is high. Between 85% and 90% indicates a correction, and above 90% suggests that a large drop in price can occur. We have some correction risk as this value goes above 85% lately."

In the medium term, even if the momentum of BTC is strong, a trader known as "SalsaTekila" said a retest of a lower BTC support is expected.

A recent Bloomberg report calls the recent uptrend a rally that "No one's talking about." These trends show that Bitcoin has significant room to grow until the year's end.

The way this would change is if Bitcoin breaks above its record-high at $20,000 and the FOMO - fear of missing out - around BTC returns.

There is a high probability that if BTC hits a new all-time high, a broader rally could emerge.