Crypto

Bitcoin price: a new record that sets the spirits – CryptoActu

The April 14 record of about $ 65,000 hung by a thread. Bitcoin achieved its ends this Wednesday, October 20, climbing to $ 67,000. While the worst was predicted after China’s measures against cryptocurrencies, their value has more than doubled since July 20. We will see that the latest news contributed in part to this historic moment. Now everyone is looking forward to the next few days / weeks. And it appears to have come a long way with aligning the planets into risky asset classes.

Is Bitcoin Heading For $ 77,000?

Bitcoin has been helped by the fanfare of the Bitcoin Proshares ETF. He hardly cares about inflationary risks, which are less and less transitory. It makes you wonder if investors see BTC as a hedge against inflation. If this is the case, so much to say that marks the spirits. And on closer examination, there are some similarities to gold. Bitcoin is not anyone’s debt, that is, it does not depend on a state or a central bank. As for its intrinsic value, it is justified by its limited money supply, its economic utility through the blockchain, and its integration into the payment system.

BTC’s new record is likely to call others. But in the meantime, we could see a logical consolidation in a trend that remains bullish in daily units. The big red candle on Thursday October 21 gave birth to a bearish swallow, a bearish reversal pattern that reaches a market peak. Its validation in the next few days would cause the intermediate support at $ 62,000 to break towards the $ 59,000-60,000 support area.

The latter can act as an entry point to target new ATHs. Fibonacci extensions of the first uptrend, which runs from July 20 to September 7, are targeting the $ 1,618- $ 77,000 level.

A favorable fourth quarter for performance

The fact that the US stock indices, the S&P 500 and the Dow Jones are setting new records gives reason for hope for what follows. All that is missing is the Nasdaq Composite to complete the golden cycle scenario. The first financial results of the companies reassured investors. The icing on the cake, the fourth quarter of the year shows us that, according to the chart above, this is a regular search for bargains. 2021 does not seem to escape the rule.

This trend is favorable for other risk asset classes. And first of all, the cryptocurrencies that give an idea of ​​the movements of the stock indices by their correlation with financial stress. According to a Seasonax study over the past ten years, BTC appears to have eaten its black bread after a statistically tough September.

Everything is tending towards the continuation of the bull run on the mother of cryptocurrencies. Your ability to achieve more ATH depends on the next trend in US stock indices. If the latter confirm their records in the coming weeks, it will be time to have some high-potential altcoins at the bottom of the portfolio.

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