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Bitcoin October 15, 2021 – Towards ATH and beyond (Kek) – Journal du Coin


Oct 16, 2021

Bitcoin (BTC) crosses $ 62,000How long will it now take Bitcoin to exceed its current ATH? What are the support and resistance levels to watch out for?

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Bitcoin at $ 60,000: a clear path to new ATHs

Bitcoin crosses the $ 60,000 mark today, October 15, 2021, and subsequently conquered the $ 61,000, before experiencing a slight decrease. Bitcoin is trading at $ 62,428 at the time of writing this article.

This strong bullish impulse comes after Bloomberg reported that according to sources familiar with the subject, the SEC could give the green light to several Bitcoin futures ETFs which would then be available for trading as early as next week.

Is Bitcoin Now Ready To Hit New All-Time Highs? Before its price exceeded $ 60,000, trader Rekt Capital had indicated that Bitcoin was “just below the price level it needs to close with a weekly candle above to allow another exponential rise.” The price of Bitcoin is now above $ 62,000, but it will therefore have to stay above $ 60,000 by the end of the week in order to subsequently experience this sharp increase.

Publication of Rekt Capital – Source: Twitter

Whalemap data shows a virtual absence of supply “at prices above 59k. “ Bitcoin should therefore theoretically soon discover new price territories beyond its current ATH.

Bitcoin Price Expected To Hit New All-Time Highs Soon According To Whalemap Data
Whalemap publication – Source: Twitter

Bitcoin at $ 300,000: the bearish floor price at $ 60,000

What does the $ 60,000 for Bitcoin really represent? TechDev twitto defined this level as the floor price of Bitcoin for this cycle based on historical data. TechDev takes up the theory according to which the price of BTC evolves by cycle with a bullish phase and a downward phase where the floor price is 80% of the peak. TechDev also uses Fibonacci sequences combined with historical data, to identify this floor price.

The bearish phase of the cycle could have a floor price of $ 60,000, after Bitcoin's price peaked at $ 400,000.
TechDev publication – Source: Twitter

He then determined identical ranges explaining the floor prices of less than $ 200 in 2014 and around $ 3,200 in December 2018. TechDev estimates that “the next bearish floor is at 47-60K. “

Based on these assumptions, Bitcoin could therefore reach an all-time high of $ 300,000 for this cycle.

The forecasts are optimistic, as are the markets. The ball is now in the court of the SEC which must transform the test, in order to send the price of Bitcoin to new skies.

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