In the early hours of November 9, Bitcoin (BTC) headed for the stratosphere, reaching an all-time high of $68k, and preparing itself for new price quests.
In the last two days, Bitcoin (BTC) has made a huge leap from trading at around $62,000 to reach an ATH of $68,564, increasing by 11.4%.
Pentoshi took Twitter to comment on the highest weekly closing of Bitcoin (BTC) in the consolidation aftermath by tweeting “We are clear for take-off.”
$BTC highest weekly close ever after consolidation
We are clear for take-off pic.twitter.com/yHEr7sjy9v
— Pentoshi 🐧 DM'S ARE SCAMS (@Pentosh1) November 8, 2021
Decentrader co-founder Flibflib deemed that Bitcoin (BTC) is headed for the “Great Wall of Finex” which is the Bitfinex enormous sell wall circling $70k which contradicts the massive whale amassing that happened recently.
When this barrier is broken, the bullish momentum skyrockets. End-of-month estimates of up to $98,000, which were deemed all but impossible to reach just days ago, are now being reconsidered.
The #bitcoin price has consecutively set:
– All-time high monthly close ✅
– All-time high weekly close ✅
– All-time high daily close ✅
Skies are clear for a new round of price discovery 🛫 pic.twitter.com/5lqywzbnwi
— Dilution-proof (@dilutionproof) November 9, 2021
Even though at first glance 2021 bears a striking resemblance to the bull market patterns witnessed during 2013 and 2017, it remains somewhat weaker as opposed to the observed increases that occurred right after the block subsidy halvings of Bitcoin (BTC).
There is no indication that the demand of institutions for Bitcoin (BTC) will weaken any time soon, even in the case of ATH prior to the probable spot price ETF launch in the US.
Due to the current inflation climate, there was a sudden interest in Bitcoin (BTC) as a hedge which pushed its market cap into overdrive, where it surpassed the market cap of gold by an eye-watering 10.7% at once!