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Sunday, October 17, 2021

Bitcoin Prices Hit An All-Time High Since May!

The prices of Bitcoin rallied today. The Bitcoin price has hit an all-time high in the last two months. The currency crossed the mark of $43,000. This afternoon, BTC, the most prominent cryptocurrency in the world, reached an amount of $43,341.84. This is according to the figures released by CoinDesk. At this moment, the cryptocurrency was trading very well, at its highest level in the last two months. This is according to additional data provided by CoinDesk. 

Opinions Of Various Analysts On Bitcoin!

Since 19th May, BTC has continued to trade mostly between $30,000 – $42,000. Katie Stockton, managing partner, and founder, Fairlead Strategies, said that the recent gains don’t hint that BTC had managed to break through resistance. She also stated that a confirmed and important breakout needs consecutive closes over $42,465. According to her, this bullish development might be happening from tomorrow. However, there is doubt whether Bitcoin will experience resistance in the near future. 

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According to Stockton, BTC will be facing resistance when it will be nearing a value of $51,000. William Noble, Chief analyst, Token Metrics (a research platform) offered the same input. He stated that $43,700 might appear as a crucial resistance point mark for BTC.

Noble added that if the cryptocurrency can move over that mark and manage to retest it, the coin will accelerate smoothly after that. He concluded by saying that $49K can be a crucial next stop for Bitcoin. TrendSpider’s chief market analyst, Jake Wujastyk also managed to weigh in the discussion. He claimed that the error margin can appear if one uses the anchored VWAP. According to him, the next mark for Bitcoin will be the psychological level of $50,000.

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