Hassan Maishera
TL;DR
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Bitcoin is trading above $65k after adding over 2% to its value.
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Analysts are optimistic that Bitcoin could break its all-time high price of $73k soon.
Bitcoin Tops $66k as Analysts Predict a New ATH Soon
The cryptocurrency market has continued its positive start to the week, with Bitcoin and others up 2% in the last 24 hours. Bitcoin, the leading cryptocurrency by market cap, topped the $66k mark on Monday after adding more than 2% to its value.
At press time, BTC is trading at $65,291 per coin. The rally comes as analysts become more confident that Bitcoin could surge to a new all-time high in the short to medium term.
Bitcoin’s movement was influenced by positive movements in the S&P 500 and expectations of stimulus in China. In a broadcast message, trading firm QCP pointed out that Bitcoin’s recent move was similar to its price action in 2016 and 2020 before the U.S. election. QCP added that,
“If we look back to 2016, BTC traded in a very tight range for over three months. It wasn't until three weeks before U.S. Election Day that BTC began its rally from $600 and finally doubled its price by the first week of January.
Similarly, in 2020, BTC was stuck in a boring range for half a year and only started rallying from $11K just three weeks before U.S. Election Day, reaching a high of $42K by January. Today's rally has definitely given the market a glimmer of hope just as Uptober optimism was fading.”
Altcoins are also performing excellently, with Ether leading the way, up nearly 3% in the last 24 hours. Ether is now trading at $2,592 and could cross the $2,600 soon if the bullish momentum persists.
Dogecoin (DOGE) is the best performer amongst the top 10 cryptocurrencies by market cap, up 4% today. After adding 2.2% to its value, the total cryptocurrency market cap is now approaching $2.3 trillion.
