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Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

Bitcoin, left for dead by many investors, has been on a tear of late and is attracting significant interest from speculators.

Why it matters: Traders raised their bullish bets on bitcoin to the highest level in 11 months on Monday, data from cryptocurrency exchange Bitfinex shows, and traders are continuing to pile into the cryptocurrency.

By the numbers: Long positions have risen by 35% in the last three weeks, while short positions have remained largely unchanged. Long positions are near historic highs, but remain at least 8% below the record high registered on March 26, 2018, Coindesk reports.

What's next? Yves Lamoureux, president and chief behavioral strategist of research firm Lamoureux & Co., tells Axios his models show the rally in Bitcoin is going to grow tenfold. He points to the Fed's dovish turn late last year that will eventually lead the U.S. central bank to more quantitative easing and an overheated U.S. economy, prompting major flows into Bitcoin.

  • Further, Lamoureux says, "the Fed is slowly eroding its credibility," leading to more upside for assets like cryptocurrencies.
  • "Our money flow pressure indicates upside for Bitcoin until mid-2020."

Lamoureux called for a rally in Bitcoin to $25,000 per coin in February 2017 when it was trading at around $950.

  • "Whether tulips, housing or tech stocks, bubbles require public participation," he wrote at the time. "And as blockchain becomes more ubiquitous, it lends credibility to the technology behind bitcoin. We feel that digital currencies, such as bitcoin, have now entered a similar cycle."

Yes, but: The cryptocurrency peaked in December 2017 at just under $20,000, short of Lamoureux's prediction. Bitcoin bulls (many of whom held large amounts of the cryptocurrency) also have made a number of outlandish predictions in the past, from Tyler Winklevoss' $100,000 a coin prediction to John McAfee's $1 million.

Still: Bitcoin is trading at its highest in more than 5 weeks at $3,911.

Go deeper: Why Bitcoin's fall gives the planet a breather

Go deeper

DOJ watchdog to probe whether officials sought to alter election results

Former President Donald Trump and former First Lady Melania Trump exit Air Force One in West Palm Beach, Florida, on Jan. 20. Photo: Alex Edelman/AFP via Getty Images

The Justice Department's inspector general will investigate whether any current or former DOJ officials "engaged in an improper attempt to have DOJ seek to alter the outcome" of the 2020 election, the agency announced Monday.

Driving the news: The investigation comes in the wake of a New York Times report that alleged that Jeffrey Clark, the head of DOJ's civil division, had plotted with President Trump to oust acting Attorney General Jeffery Rosen in a scheme to overturn the election results in Georgia.

1 hour ago - Podcasts

Google's chief health officer Karen DeSalvo on vaccinating America

Google on Monday became the latest Big Tech company to get involved with COVID-19 vaccinations. Not just by doing things like incorporating vaccination sites into its maps, but by helping to turn some of its offices and parking lots into vaccination sites.

Axios Re:Cap goes deeper into what Google is doing, and why now, with Dr. Karen DeSalvo, Google's chief health officer who previously worked at HHS and as health commissioner for New Orleans.

Biden signs order overturning Trump's transgender military ban

Photo: Tom Brenner/Getty Images

President Biden signed an executive order on Monday overturning the Trump administration's ban on transgender Americans serving in the military.

Why it matters: The ban, which allowed the military to bar openly transgender recruits and discharge people for not living as their sex assigned at birth, affected up to 15,000 service members, according to tallies from the National Center for Transgender Equality and Transgender American Veterans Association.