Mark Weaden
Bitcoin price action sees a new all-time high above $66,000 after beating the final resistance and looks to continue to climb
Bitcoin has been teetering on the edge of a new all-time high for a couple of days now, with a market cap of over $1.2 trillion. There has been much speculation as to whether there would be a crash, but there’s been little sign of that and now crypto enthusiasts set their eyes on the $70,000 target.
The ceiling of $64,900 set back in April this year was smashed as Bitcoin jumped straight from $64,000 to $66,000 in a matter of minutes. The next few days will be interesting, as we watch to see how far Bitcoin will go. Elsewhere, Ethereum reached $4,000, still a long way off its all-time high.
What’s happening in the market?
The community has been divided, with many expecting a crash as a result of global economic struggles and the potential for a crash on the Dow Jones. However, those that didn’t sell well now be celebrating their decision; much like the CEO of MicroStrategy and avid Bitcoin backer Michael Saylor, who Tweeted “The halls of eternity echo with the cries of those who sold their Bitcoin.”
It’s not just been BTC/USD that has soared to a new all-time high, but even fiat currencies such as the BTC/EURO. We can expect to see more from Bitcoin in the coming weeks, as Bitcoin season is in full swing. Many altcoins holders will be sad to see how the surging BTC has affected their altcoin market prices, but for now, it’s all eyes on Bitcoin.
While it’s difficult to speculate how far Bitcoin can push, there are some moderate expectations for it to hit around $80,000. There are some evangelists that have far less conservative expectations of around $150,000. Either way, it’s a great time to be invested in Bitcoin.
It’s worth also noting that since China put a ban on crypto, the price of BTC has risen by 50%. Around the time of the ban, many expected to see Bitcoin suffer, but it seems to have had quite the opposite effect, which is inspiring news for DeFi fans.
