Bitcoin price is flirting with a run towards its all-time high after bouncing since its local low in July. The largest cryptocurrency is trading at $54,896 at the time of writing. That’s nearly $10,000 behind the April record. A current rally in cryptocurrencies like Bitcoin and second-ranked Ethereum contrasts with the volatility in world markets.
Here are 4 critical charts for Bitcoin price
Vijay Ayyar, head of the Asia Pacific division of crypto exchange Luno in Singapore, stated that record highs can be reached for Bitcoin, perhaps around $80,000 to $85,000 based mainly on chart patterns. “This requires holding $50,000 as tough ground for crypto in the short time frame,” he added. Meanwhile, Bloomberg’s Akshay Chinchalkar summarized the cues for Bitcoin and Ethereum’s outlook from technical and seasonal developments, in addition to positions taken with the charts below.
Break
According to Chinchalkar, Bitcoin’s rally enabled an example of an inverted head and shoulders chart. The supposedly measured target for Bitcoin derived from this example is around $79,000, which marks a level above $65,000, the all-time high seen from April.
Acceleration
A study of Bitcoin and Ethereum price momentum using the preferred Ichimoku cloud approach reveals that it is a sign of additional features that were previously predicted. The research shows that the short-term momentum rises above the long-term pattern. According to Chinchalkar, in the previous 5 years, each token has increased significantly 12 months after each such transition.
Options
According to Chinchalkar, the situation in the options market points to the continuation of Bitcoin’s progress. The $80,000 open interest expiring in December 2021 is far more than those found at $40,000, according to information from Deribit’s options trading.
seasonality
Bitcoin; 2018 has outperformed Ethereum in October 2019 and the past 12 months, and the sample is holding up once again this month. Widely over the previous three years, Bitcoin overtook Ethereum by a share factor of about 13 in October. At the time of writing, Ethereum is changing hands at $3,467.
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