Bitcoin has moved above its previous all-time high of around $64.5k to post a new high of $67k just a few hours before press time. The largest digital currency by market capitalization has finally recorded this gain after a six month hiatus below it that saw its price index reduce by around 56%. Now, things are moving upwards yet again. Altcoins also followed Bitcoin this time around and posted some gains. However, they still have a lot of ground to cover due to Bitcoin’s dominant display during the last few weeks.
Bitcoin is currently trading just around its newly set all-time high levels. The cryptocurrency is on a roll right now and has risen more than 50% in less than 50 days. On-chain analysis has always shown that the previous highs set back in April were in all likelihood not going to be the peak of 2021 and now finally, the index has risen above $64.5k strongly. At press time, the cryptocurrency is trading around $66.4k and may make further moves ahead in the very near future.
Image Source: TradingView
Bitcoin traded right around the $64.5k all-time high mark for most of yesterday. However, it failed to move above the key level as the bulls teased their strength in the market. Now after a short wait, the cryptocurrency is finally above the biggest resistance of 2021 and now sitting comfortably above it.
Like always the cryptocurrency’s future cannot be predicted with surety but based on current trends and the digital currency posting record highs while at the same time keeping large scale sellers at bay means that the uptick still has a lot of juice left. Just how much exactly? According to various on-chain analytics, the cryptocurrency is expected to top out at anywhere between $80k-$100k. However, the price increase may go even further if the bullish momentum goes spiralling out control and crazy money begins to flow in the sector. However, for now, the cryptocurrency is expected to reach at these numbers at least and then the bear market is expected to hit in 2022.
Some of the most famous Bitcoin names on social media were celebrating the cryptocurrency’s success. Here some of their responses:
— PlanB (@100trillionUSD) October 20, 2021
Here’s to all the crazies, the HODLers who have stuck it out through thick and thin! pic.twitter.com/MbCxwdDXoF
— Cameron Winklevoss (@cameron) October 20, 2021
— Michael Saylor⚡️ (@saylor) October 19, 2021
Most people still don’t have #Bitcoin.
— CZ Binance (@cz_binance) October 20, 2021
$65,000 is the next victim. pic.twitter.com/Thq9yYBsNS
— Bitcoin Magazine (@BitcoinMagazine) October 19, 2021
Image Source: pixabay.com
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