The price of Bitcoin (BTC) has reached a new all-time high in US dollars as the long-awaited rally pushes the BTC / USD pair to price discovery.
Bitcoin back in price discovery
Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin broke the top of $ 64,900 set in April.
On the second day of trading ProShares’ popular exchange-traded fund (ETF) “Bitcoin Strategy”, the price of BTC / USD rose again before the opening of the United States, a practice that has characterized the pair in recent days.
On social media, the best known names in the Bitcoin world are celebrating.
“The corridors of eternity echo with the cries of those who sold their Bitcoin”, commented MicroStrategy CEO Michael Saylor.
New #bitcoin ATH pic.twitter.com/agaF0u8cS3
– PlanB (@ 100trillionUSD) October 20, 2021
New Bitcoin ATH!
This week has already seen all-time highs for Bitcoin against several major fiat currencies, including the euro.
As Cointelegraph reported, expectations remain for even higher levels to be reached in the coming weeks and months, interspersed with brief fixes to establish new levels of support.
The highest short-term predictions currently center around $ 300,000 per Bitcoin.
We are in full “Bitcoin season”
Various data supports the idea that Bitcoin’s moment to shine will precede altcoins, who continue to suffer against BTC.
Bitcoin’s market cap dominance is at its highest since May (47.4%, according to CoinMarketCap records), and the best-known traders had already been warning that now was not the time to focus on an altcoin wallet.
So many alt / btc pairs look like they want to break down USDETH / USDBTC at dynamic long term support lineUSDSOL looks like it’s in a bear flag. Many have made macro LL’s
This is great bc of the ability to compound riding BTC up to new ath then alts back up. 2 for the price of one pic.twitter.com/y3gcjkyWmA
– Pentoshi Won’t Dm You. hates Dm’s. DM’s are scams (@ Pentosh1) October 18, 2021
So many alt / btc pairs seem to want to break out USDETH / USDBTC at the long-term dynamic support line. USDSOL appears to be on a bearish flag. Many have done macro LL’s
This is great due to the ability of BTC to reach new ATHs, so that the altcoins will then rise again. 2 for the price of one
Current estimates indicate that the first half of 2022 should produce a shift in altcoin earnings.
Keep reading: