Bitcoin crosses $65k and finally breaks through the $60k-$63k price bracket it has been stuck in. It has also helped Ethereum reach a new ATH by crossing $4,700. This might be a signal that the consolidation period is over, and we might be ready for another burst rally. I call this a burst rally because, if you note, the price just doesn’t keep increasing. It goes up for a while, consolidates in a price range, and then moves up again.
Bitcoin new highs soon!
Bitcoin daily chart
As you can see in the above chart that the price has finally broken through the consolidation price range. We might soon be testing the ATH at $67k and moving into price discovery mode. JP Morgan’s $73k price target for the short term is also something we must keep an eye on. And if we become a little more optimistic, $98k by November end is what Plan B has predicted on Twitter. I am considering this target as his October-end price prediction has been almost on point.
Another great thing is that this is just the weekly start, and we are already up above $65k. So, based on that, it is likely that we might end up above $70k by the end of this week. Again these are pretty bullish targets and will not be easy to accomplish.
Ethereum hits new ATH
Ethereum 15-minute candle
As the price of Bitcoin pumped yesterday, we also saw Ethereum hitting a new ATH above $4,700. On 6th, the price of Ethereum even fell to nearly $4,300 but recovered fast, giving us a new ATH. It is safe to say that the price of the coin is now in discovery mode and might hit $5,000 soon. It will be a great achievement for the currency, and things will get super bullish once it gets to that level. From there, we could see a slight retracement or move up very fast and soon be in the range of $5,500.
Other altcoins are also doing well and have been pumping hard. DOT has hit an all-time high, VeChain is moving fast up, and most others are also doing well. What do you think will be the impact of Bitcoin’s new ATH on altcoins? And as Bitcoin crosses $65k, what could be its next stop? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Stan Druckenmiller thinks crypto, meme stocks, and even bonds are in a bubble.
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