Bitcoin Price Sets New All-Time High Above $65,000

Tony "The Bull" Severino

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price has done it and made a higher high, setting a new all-time high record above $65,000 according to several exchanges and the TradingView BTCUSD Index.

What exactly does this mean for the first-ever cryptocurrency and the current market cycle? Read on to find out.

Bitcoin Price Sets New Record ATH Above $65,000

The number one ranked cryptocurrency by market cap has just set another major milestone, and proven to the market that the bull cycle isn’t yet finished. It also means that the April 2021 “top” was nothing more than a mid-cycle pullback before the coin reached its final destination target closer to $100,000 or higher.

Targets for the cryptocurrency reach as high as several hundred thousands per coin at the conclusion of this cycle. Future estimates have reached as much as $10 million per BTC based on the stock-to-flow model.

The recent Bitcoin ETF approval ended any second guessing or speculation over whether or not the bull market had ended, or if a bear market had began. Bear markets don’t have dead cat bounces that lead to new all-time highs. The higher high also keeps the uptrend in tact by the pure definition of the term.

There you have it, folks: A new all-time high is set. Where does it end? | Source: BTCUSD on TradingView.com

BTC Back In Price Discovery, What Happens Next?

Technicals have suggested this push higher was coming. The monthly Bitcoin RSI is back in the bull zone, and most other technical indicators are leaning bullish on high timeframes. What has thrown many market participants off, has been an overheated technical picture on the daily that is heavily dominated by the higher timeframe signals.

With no resistance above, the market will be less likely to sell or go short, because there is no telling how high Bitcoin price could go from here. Each successive peak will cause the same wide-sweeping question if the top is in, until it is.

This could make for a final leg up that moves faster than most are expecting, with very few or limited pullbacks to buy in. What’s worse, is that the final leg of a bull run usually does mean a bear market is coming, and is due to arrive the moment the actual peak is in.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.