Bitcoin is the world’s first digital currency. In the past years, it has become the most valued and widely used cryptocurrency on the market. The value of Bitcoin has increased from the first year of its creation to $ 16,000 at the end of 2017. Now, Bitcoin has reached its third record high in just over a month, on news that China is implementing its ban of initial coin offerings (ICOs). On October 25, the price of Bitcoin was $4,346, and the price of BTC reached $46,000 on November 8, the highest level since June 11, according to CoinDesk, a media that tracks the prices of cryptocurrencies. The price of the cryptocurrency reached its highest point of $5,000 in mid-September
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Bitcoin has been on a bull run in recent weeks, with the cryptocurrency price climbing to $4600 from lows of $3000, but it’s a reality that the bitcoin price has run into some roadblocks this week. The most notable development has been that of the current investigation of the Bitcoin Cash hard fork, which has resulted in several exchanges suspending trading in the currency.
Bitcoin is enjoying yet another rally, with its price hitting $46,000 this morning. The cryptocurrency hit a three-month high today after a spate of recent positive news, including positive news coming out of South Korea.
After 18 percent weekly advances, Bitcoin (BTC) reached $46,000 on Aug. 9 as macro concerns failed to dampen excitement.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
BTC/USD was trading over $45,500 at the time of writing Monday, according to data from Cointelegraph Markets Pro and TradingView.
After hitting overnight highs, Bitcoin fell as the new week started, but soon recovered to reach a three-month high of $46,090.
Analysts were optimistic on future movements for BTC/USD, despite the fact that a correction has yet to occur. PlanB, the inventor of the stock-to-flow BTC pricing model, was one among them.
He tweeted to his Twitter followers, “Bitcoin at $46K,” with a graph of price performance following each block subsidy halving event.
“We are 16 months after the halving (red line), awaiting the second leg of this bull market.”
BTC/USD halving price comparison chart. Source: PlanB/ Twitter
Kraken’s growth head Dan Held compared the activity to that of Bitcoin in 2013, when the cryptocurrency experienced a significant drop from one all-time high before hitting a second, far bigger peak later that year.
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“There hasn’t been a Bitcoin downturn so far,” Cointelegraph writer Michael van de Poppe said.
Concerns over the upcoming bote on a bill that may change up tax rules for cryptocurrency companies in the United States, as reported by Cointelegraph, failed to damper the mood, instead acting as a fuel for price increases.
Similarly, crypto markets avoided a sharp drop in gold on Monday, which fell to its lowest level in four months.
“Bitcoin’s transformation into Gold 2.0 has been breathtaking,” Held remarked.
“It was sown during the 2008 financial crisis and matured through the Covid financial crisis. The amazing part is that Bitcoin is just getting started.”
Bitcoin is mending the “biggest gap” in fundamentals, according to one analyst.
When it came to on-chain fundamentals, it was a catch-up game for pricing, which still needed to catch up to indicated emotion.
New data indicates that Bitcoin isn’t beginning a bear cycle like to that of 2018, as BTC aims for $45K.
Analyst William Clemente noted the “biggest gap” between the two occurrences “playing out in real time” in many postings on Monday.
According to him, a goal of $57,000 has emerged based on tops and bottoms modeling, and if this is successfully recovered, $92,000 will be next.
“If that level is recovered, I’ll be aiming for the highest price model, which is presently $175K,” he said.
Compilation of BTC/USD top/bottom models. Source: Twitter/William Clemente
Over the weekend, moving averages that had eluded Bitcoin in previous weeks, including the $42,500 range high, were abruptly reversed.
Bitcoin ‘awaiting second leg of bull market’ as BTC price hits $46K 3-month highs. Read more about is dogecoin a stablecoin and let us know what you think.
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