Bitcoin sets new all-time high above $68,000

By Shaurya Malwa

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.

Image: BTC/USD via TradingView.

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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