Bitcoin pulls back from Sunday's all-time high

After climbing as high as $34.6K on Sunday, bitcoin briefly sank to below $30K Monday morning."The most likely explanation for a pullback is short term profit taking by traders, rather than long term investors,” Jason Deane, an analyst at crypto advisory firm Quantum Economics, told CNBC. "Given the current sentiment and appetite for Bitcoin, it seems likely that any correction will be short lived."In the past year, bitcoin has surged 350%, with most of the rally occurring since October.For the contrarian view, Gasebu Private Investor describes bitcoin as "gambling on the psychology of the masses" rather than the argument that it's the answer to inflation risk.