Bitcoin broke the $63,000 mark this morning to set a new all-time high, data from markets tool CoinGecko shows.
The network is now worth over $1.2 trillion, with 18.8 million BTC now in circulation. It traded at $63,000 yesterday but convincingly broke through the $68,000 mark on a futures ETF listing last month and added support for the asset from political circles in the US.
As the below image shows, Bitcoin trades above its 34-period moving average, a tool used by traders to determine an asset’s trend, and remains in a strong “uptrend.” There’s currently no visual or technical “resistance” level where sellers could step in to take profits—meaning the runway for Bitcoin to run even further is clear.
Some analysts continue to hold a $100,000 price target for Bitcoin. PlanB, a pseudonymous trader known for his ‘S2F’ model, reiterated their model in a tweet yesterday, claiming a price target as high as $288,000.
“As you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr). But S2FX model predicts $288K average this cycle (we need some real fireworks in 2022 for that),” they tweeted.
As you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr). But S2FX model predicts $288K average this cycle (we need some real fireworks in 2022 for that). Let’s see where this 2nd leg of the bull market will take us🚀 pic.twitter.com/ttiNT5yMKe
— PlanB (@100trillionUSD) November 8, 2021
Bitcoin has since retreated to $67,900 as of press time.
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