Bitcoin’s next stop will take it above $25,000 as it extends record rally, MKM Partners analyst says

Bitcoin broke through record highs, clearing a major milestone above $20,000 to trade above $22,000 on Thursday.That's just the latest move after a massive year for bitcoin – it has risen 190% as institutional investors warm up to the cryptocurrency trade.JC O'Hara, chief market technician at MKM Partners, called the record rally at the beginning of November. Now, he sees a breakout that's only in the early innings."Two months ago, we saw the initial stages of uptrends forming within bitcoin, and I do believe that we're still in the infancy stages of these new trends developing, so yes, we're at all-time highs for bitcoin, passing $20,000 today, but I think there's plenty of room to run," O'Hara told CNBC's "Trading Nation" on Wednesday.O'Hara said the technical setup is similar to the beginning of the last multiyear rally in bitcoin, a promising pattern that points to more upside this time, too."If…

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