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Bitcoin Smashes All-time High, Next Stop $74,000
On Wednesday, Bitcoin (BTC) smashed its April all-time high and almost hit the $67,000 for a new high of $66,930.39 according to CoinMarketCap data. And the good news is that there is more to come, analysts expect, with a 2nd Bitcoin ETF about to launch in the U.S. this Friday.
Hitting its all-time high of almost $67K, Bitcoin’s total market cap accounted for a near $1.25 trillion on Wednesday. Notably, the entire crypto market was good for a total share of $2.6 trillion.
All eyes are now set on the $100K mark and when when retail will come in and more funds open up to bitcoin, this will not be the end of it.
Prior to hitting a new all-time high, analyst PlanB took to his Twitter followers on Tuesday and ticked the 63K mark, reminding everyone that we are still on track for $100K this Christmas, with Bitcoin perfectly following his Stock-to-flow (S2F) model forecasting “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K”
— PlanB (@100trillionUSD) October 19, 2021
So What Is Next?
Bitcoin’s price could surge higher as bullish momentum continues, as suggested by price-chart indicators. For BTC to successfully break out would need a daily close above $65,000, which would yield upside targets toward the next resistance level of $74,000 and reach $86,000 ultimately.
On-chain analyst and CryptoQuant CEO Ki Young Ju already hinted towards a new leg upwards this week on Monday when he informed the public that current selling pressure is low and resembled the start of the bull-run a year ago.
$BTC potential selling pressure seems relatively weak, just like the bull-run starting points last year.
There are still many stablecoins sitting in exchanges compared to $BTC holdings.
Hope these stablecoins push the market upward.
— Ki Young Ju 주기영 (@ki_young_ju) October 18, 2021
At time of writing, BTC is trading at $66,449.96.
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Author: Peter Siu