Bitcoin has hit an all-time high. Where is the next target?

By 10/11/2021News

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Bitcoin started the week on the rise. On Tuesday, the price rose above $66,000 per coin for the first time since 20 October. But by the end of the day, the major cryptocurrency had lost nearly all of its ground, falling below last month’s extremes. Is this a false hope or the start of the next rally?



From a technical point of view, a pullback below the highs of October 20 is a sign of a false breakout of historical resistance. That is, the buyers have not yet had enough strength to break through.
For further growth, it is important for the price to consolidate above the level of $65,000, ideally confirming it as support. Then it will be possible to talk about conquering new tops.
If bitcoin-bulls do not have enough forces to consolidate now, a rollback downwards is likely. Here targets should be oriented on borders of recent consolidation. The first would be near $64,000, the second around $60,000 per coin.
As for the future fate of the crypto market, almost no one doubts its growth. Medium-term catalysts for bitcoin’s strength remain rising inflation and expanding institutional adoption.
Analysts and inflationists, including investor Peter Thiel and JP Morgan Bank, argue that inflation is unlikely to be temporary, as all major central banks assure. Investors, realising this, are choosing cryptocurrencies to both diversify and hedge their portfolios. And that is a bad sign for the economy; the flight to the new asset class could become a long-term trend.
Thankfully, institutions have a tool for that. The approval of bitcoin futures-ETFs has untied the hands of many institutions and one step closer to allowing funds to spot BTC.
Against this backdrop, the immediate target for bitcoin would be near the next psychological level of $70,000. In the medium term, we could be talking about a rise towards $100,000 per coin if the rally continues.

14.30 US Consumer Price Index for October
14.30 US initial jobless claims

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