Posted October 13, 2021
By Jonas Elmerraji
Bitcoin Is Within 12% of All-Time Highs! Here’s What’s Next
Bitcoin prices are hanging out around $57,000 as I write this afternoon.
That’s a far cry from where most folks probably thought it would wind up this summer after Bitcoin got pretty much cut in half from its highs. But here we are!
In fact, Bitcoin is just 12% shy of all-time highs right now.
Think about that for a second…
Except for a handful of trading sessions this spring, Bitcoin has never traded higher. Or put another way, the vast majority of folks who own Bitcoin at this moment are sitting deep in positive territory with their positions.
You’d better believe that fact has a big psychological impact on how Bitcoin trades from here this fall.
Technically speaking, Bitcoin couldn’t look much better right now:
Bitcoin took out its September highs this month, blasting through the final big upside barrier that stood in the way of its current range. At the same time, the lows Bitcoin put in late last month look like they’re setting up a new uptrend for the king of the cryptocurrencies.
Don’t overthink what’s going on in the chart right now — it might look a little complicated, but it’s dead simple. Bitcoin’s moving up and to the right in October, and it’s closing in on a new high-water mark. The trend is clearly in favor of bulls here.
And considering the fact that many mainstream strategists are slapping six-figure price targets on Bitcoin for the year, it’s certainly possible that the biggest moves are yet to come in 2021.
Since we started talking about Bitcoin on a weekly basis in these pages back in May, we’ve always talked about what could happen next on an “if-then” basis…
In other words, if Bitcoin breaks above $40,000, then it’s likely we get a move toward prior highs. Or if Bitcoin violates $30,000, then it’s likely we get a deeper correction lower.
Well, with Bitcoin up at these levels, the same thing’s true.
If Bitcoin can crack its record high at $64,863 and change, I’d be betting on a test of $100K.
Bitcoin is looking bullish this week already — in the time since I started writing today’s Tech Profits Daily, prices have moved from $55K to $57K. In other words, we could get our test of that key $64.8K level this week.
I’ll be keeping a close eye on things here. Stay tuned for an update!
Jonas Elmerraji, CMT