Breaking: Bitcoin ($BTC) Smash Past $66K to Record New ATH, $70K by EOD?

By Prashant Jha
Published October 20, 2021 Updated October 20, 2021
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Breaking: Bitcoin ($BTC) Smash Past $66K to Record New ATH, $70K by EOD?

By Prashant Jha
Published October 20, 2021 Updated October 20, 2021

Bitcoin ($BTC) finally broke past the $65K barrier to record a new all-time-high as the top cryptocurrency now looks to enter price discovery mode again. $BTC is currently trading at $66,000with a 5% surge over the past 24-hours. The top cryptocurrency now set eyes on $70K and looking at the current bullish momentum it might not be far from it.

Bitcoin
Source: TradingView

$BTC started October under $45K after a bearish September but regained most of its losses from the past month in the first week and by the second week, it has already recovered most of the losses from the May market crash. Bitcoin proponents have predicted that October could reignite the bull run that was seen at the start of this year and $BTC surged nearly 3X before a bearish phase. If $BTC pulls a similar move as it enters a price discovery mode with no barriers in sight, the top cryptocurrency can easily surpass the $100K price prediction.

The bitcoin price rise comes in the wake of declining exchange supply as traders keep moving away from their $BTC in anticipation of the price surge. Bitcoin supply on exchanges has fallen to a three-year low indicating the high bullish sentiment.

The approval and record first day of ProShares Bitcoin Futures ETF ($BITO) also played a key part in top cryptocurrency’s newfound bullish resurgence. $BITO recorded the second-largest ETF volume on debut with nearly $1 billion in trading volume.

Every Bitcoin Holder Ever Now in Profit

Bitcoin’s new ATH also ensured that anyone and everyone that ever purchased $BTC at any price is currently in profit. MicroStrategy, the leading Fortune 500 company is currently over $3 billion in profits over their $BTC holdings while Tesla’s $BTC profit jumped over $1 billion.

The price surge also depicts the contracts in market sentiments just a month apart. Only in September, many critics were calling for another bottom and today the market is looking towards a $70K price target.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1191 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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