However, not everyone seems to be overwhelmed. Crypto analyst Nic Trades warned her 93,000 followers on Twitter to watch for signs that the recent surge is a false breakout.

She says a 50% drop from the height of the swing across the major exchanges is the key number to watch.

“If we come back more than 50% of this swing, that’s where I would be concerned and would say that this is probably a false breakout… I would be a little bit less bullish if we close back underneath the 200-day moving average line. A daily close under $4,714 wouldn’t be quite so positive.”