Bitcoin on the verge of setting a new all-time high?

Bitcoin is flirting with a run toward its all-time high, rising more than 90% from a July low.

As of 7:52 a.m. in London, the largest cryptocurrency was trading slightly above $57,000, around $7,700 shy of its April high. The current gain in digital currencies such as Bitcoin and second-ranked Ether contrasts with the struggles of traditional assets such as stocks, bonds, and gold amid global market concerns.

It is flirting with a run toward its all-time high, rising more than 90% from a July low.

As of 7:52 a.m. in London, the largest cryptocurrency was trading slightly above $57,000, around $7,700 shy of its April high. The current gain in digital currencies such as Bitcoin and second-ranked Ether contrasts with the struggles of traditional assets such as stocks, bonds, and gold amid global market concerns.

Breakout

Bitcoin’s ascent has triggered the formation of an inverted head and shoulders chart pattern. The so-called measurable objective for Bitcoin is approximately $79,000, which would surpass the all-time high of nearly $65,000 set in April.

graph 1

Momentum


An examination of the price momentum of Bitcoin and Ether using the popular Ichimoku cloud approach reveals a signal that has historically predicted additional advances. The analysis demonstrates that short-term momentum has surpassed the longer-term trend. Both tokens have been much higher a year following each such crossing during the last five years.

graph 2

Options

Positioning in the options market implies wagers on the rise continuing. According to statistics from options exchange Deribit, open positions for the $80,000. To strike call expiring in December 2021 vastly outweigh those for the $40,000 strike put.

graph 3

Seasonality

In October 2018, 2019, and last year, Bitcoin outperformed Ether, and the pattern is holding this month as well. Bitcoin was approximately 13 percentage points ahead of Ether on average over the last three years in October.

graph 4

Is Bitcoin headed towards record high? Explained in 4 charts – The Economic Times (indiatimes.com)

Bitcoin: Does It Climbs to Highest? – All Coin Index

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