The bitcoin price breaks out yet again on Monday. Currently trading at above $65,000, the all-time-high is well within its sights. With the Grayscale/DCG selling soon to dry up, there doesn’t appear to be anything to keep the lid on bitcoin.
Bitcoin is a freight train right now, and anyone thinking of getting in front of it had better watch out. Institutions are finally coming to grips with what bitcoin really is, and once this knowledge filters out across the whole of Wall Street, we are potentially in for the most dynamic bull run ever.
New breakout
Source: Coingecko/Trading View
Zooming into the short 4-hour time frame reveals a thing of beauty - $BTC bursting out of the triangle it has traversed within for the last few days. Already at $65,400, the next target of just over $66,000 is within spitting distance.
Last leg to all-time-high
Source: Coingecko/Trading View
Zooming right out on the other hand, one can truly appreciate the spectacle of what $BTC has done since the price really started going parabolic in the latter part of January. For example, last week’s green candle is one of the most epic and impactful in the history of bitcoin.
The first top from April 2021 has just been breached, and now it only remains for $BTC to make that last $4,000 jump to the all-time-high. It might be imagined that this could happen very quickly, given that there is now no more resistance from $65,400 until the top.
What next for $BTC?
Once $BTC does reach that $69,000 top there is likely to be some pull-back and possibly a new sideways accumulation pattern. This would be very good news for the altcoins, which could potentially really make hay in this kind of scenario.
In such amazing times for bitcoin and the crypto sector, it’s hard to see the negative side of things. Though all the signs are that $BTC will make its all-time-high, once there, or even at some point beyond, the $BTC price could also see a major correction.
Those trading $BTC must always bear this in mind, and it is therefore incumbent on them to put all necessary risk management into place for this eventuality. Trade safely.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
