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                                        Bitcoin Hits New All-Time High at $67,000

Bitcoin Hits New All-Time High at $67,000

26 Oct 2021

As of October 20, 2021, we know a new Bitcoin all time high!

Indeed, Bitcoin set a new record with a peak of $67,000; toppling its previous all-time high of $64,854 last April 14, 2021. This marks the beginning of a new bullish cycle for BTC hodlers and altcoin investors alike. 

However, this means a new form of uncertainty in the market. Unforeseen circumstances such as black swans will definitely affect the market at some point as well but most likely for just healthy correctional purposes. Yet, even with these conditions, crypto enthusiasts on social media are celebrating this new success. A new altcoin season will certainly take place once the Bitcoin (BTC) dominance takes a rest. Will Bitcoin rally to $100,000 by the end of 2021? Let’s take a look at what could possibly drive the crypto market further into the highest possible price.

A New Strong Support Line (Possibly)

Now that BTC reclaimed all of its losses since May 2021, as around 50% was lost since Tesla’s suspension of accepting Bitcoin, the $60,000 area might as well be the newest buy zone. Naturally, when a coin breaks the previous ATH, it gives bullish buyers a new opportunity to position themselves in the market where maximum potential profits take place. This means that area of trading extends further and the sky's the limit for the maximum value until sellers would take hold of the market. 

According to financial analysts, the $60K sets a new ground for buyers to begin pushing the price up to around $80K to $100K within the quarter of 2021 or the first quarter of 2022. This rally already happened in October 2020 and history suggests it will most likely happen once again.

For traders, this marks a new buy-and-sell zone. While nobody knows for sure if Bitcoin will continue to zoom upwards or collapse again after reaching $67,000, short-term traders and scalpers would like to see the next resistance area to begin a new intraday or swing trade cycle. 

A New Strong Support Line

For newcomers in the crypto world, this may seem overwhelming and may just buy at its all-time high. As long as the bulls take hold of the market, those who bought Bitcoin at the $65,000 mark may still find safe haven in this assumed buy zone. The only way for Bitcoin to collapse again down to at least $50,000 is if major bad news would spread around such as the Evergrande Collapse of September 2021.

What Brought the Bulls Back?

Perhaps it was because investors waited. Maybe it was all because people wanted to show their rebellion against the SEC’s proposal of the Infrastructure Bill. Or, simply due to buyers saying it is time to bolster the price of Bitcoin. 

If you combine technical analysis with fundamental analysis together, it all makes sense: Bitcoin price swung high last July and August after the B-Word event, price plummeted once again in September (just like any previous year) and now it came back. Bitcoin managed to stay at a nice support of $39,600 on September 20, 2021 until it began its continuous uptrend to $67,000 thirty days later. 

It was a clean swing that any highly experienced technical analysts have predicted. As for fundamentals, more small businesses began to recognize the value of BTC and started accepting them as transactions. Also, cryptocurrency as a whole is becoming more present in the mainstream crowd. Naturally, the more people involved in crypto, the better. Of course, who wouldn’t want to see their $100 turn into $200 the next day or the next hour, right?

Alt Season Begins Again

As with any time whenever Bitcoin successfully breaks a previous all-time high, altcoins follow suit. Early 2021 saw these tokens and potential projects soar more than 100% and even 1000% in under a month. Due to the many “shills” on social media showing their love for the coin, many crypto new bloods would find themselves adding these coins to their portfolios. There’s so many to choose from including the fan-favorite Shiba Inu, the game-changing Decentralized Finance projects like Cardano, Polkadot and Ripple, and non-fungible tokens such as Axie and My Neighbor Alice. 

Ethereum still holds up as the second coin in the charts with the highest volume. Its various usefulness in the blockchain has helped the crypto market advance even further and convert non-believers to persuasion, such as Mark Cuban. 

Why Crypto Fans Love Alt Season

If you do not know what alt season means, it is the moment in the cryptocurrency market where bullish investors and traders start pumping on coins and tokens. This happens once Bitcoin dominance is over and when buyers think that Bitcoin is too expensive to purchase. Instead, they will look onto other coins and tokens like Ethereum currency, Chainlink and even Shiba Inu coin. In most cases, it does not matter whichever you choose since it’s a win-win situation for everybody. 

Why Crypto Fans Love Alt Season

Even if professionalists would call certain cryptos trash, it would still pump it into numbers nobody could have imagined. A perfect example here is Dogecoin, the most popular meme coin, the most popular meme coin, especially from January to April when people began hyping up the coin following the many tweets from Elon Musk on how he thinks the coin will become big in the future. Despite no real use case and an unlimited supply, Dogecoin (DOGE) went to generate over more than 1000%, beating a majority of altcoins and immediately rising to the top. It is now within the top coins right beside Cardano coinRipple currencyLitecoin currencyChainlink coinBinance Coin currency, Ethereum and Bitcoin.

If you trade, you may find yourself gaining around 5% and even up to 150% depending on which coin you position yourself into. It’s anybody’s game within this limited period.

Alts Hitting New All-Time Highs

When we compare bitcoin price history to altcoins price history, it is clear that Bitcoin’s movement ultimately leads the path for every crypto token and coin in the market - most of the time. In other words, if BTC goes up, the rest will rise too. If BTC plunges, so will the entire market. The only way for specific cryptos to maintain their stand despite a BTC correction is if the buyers in that alt market are still in the zone. The most appropriate example of this is Solana back in September 2021. When Bitcoin came crashing after the Evergrande news as well as El Salvador’s debut and governments suspending mines, SOL remained strong and even rallied up to more than 50% during the correction week. This is due to a large number of buyers holding SOL strong during that period.

Other alts continue to shatter previous all-time highs like Terra (LUNA) coin, Axie (AXS) and - just recently - Ethereum (ETH). This gives a huge possibility for other alts to break off their past shells and hit the pedal towards the moon. As long as the market is in a healthy green condition, the sky is literally the limit.

What This Means for Australia

The Australian crypto crowd came to join in on the celebration. The Select Committee on Australia as a Technology and Financial Centre heavily requested that the government should create regulatory rules for cryptocurrency. This regulation can form a transparent framework for the Australian section of digital assets. Additionally, this will update the old laws in the country to adapt to the new technology. 

These are just recommendations for now but if it does become law, it may just make the AU region of the blockchain become more competitive versus America, Europe and South Korea.

Also, Australian Bitcoin mines are among the biggest pools in the world. Digital infrastructure company Mawson Infrastructure Group recently partnered with Quinbrook Infrastructure Partners to establish the largest Bitcoin mine in Byron Bay, contributing to Bitcoin all time high. This mine will contribute approximately 0.4 exahash to the rest of the global cryptocurrency mines. Quinbrook’s renewable energy will power this mine at a full 100%. The corporation’s energy usage consumes less electricity even if the mining rigs continue their process in the middle of the night.

 

Financial Services Minister Jane Hume Replies to RBA, “Crypto is not a Fad.”


Senator Jane Hume, the Financial Services Minister of Australia hit back at the Reserve Bank of Australia after their views against cryptocurrency. According to her, Australia is missing out on massive economic opportunities if the government and the regulators are fearful of accepting new technology. She replied after RBA stated that cryptocurrency as a whole will crash because of its “faddish” behavior.

“Don’t be the person who was still doing their financial models by hand in 2001, rather than using Excel. Don’t be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream. And don’t be the person who argued that email was a passing fad.”

“If the last 20 or 30 years have taught us anything, it’s that all innovation begins as disruption and ends as a household name”

 

 

Does It Go Up or Down from Here?

I’m not a financial advisor, but after Bitcoin has hit the ATH, who knows where it would go next. If you ask for expert advice, it would definitely result in different answers. Some may say it will go into a deep correction in November 2021 while others would say that it will keep rallying until it hits a new bitcoin all time high, between $70,000 and $80,000. 

As a bottom line, only time will tell and the current events that surround the crypto space can determine the overall value of Bitcoin by the end of the year. As long as there is a healthy contrast between BTC dominance and the altcoins, things will go well for everybody investing and trading in this market.

I’m not a financial advisor, but after Bitcoin has hit the ATH, who knows where it would go next. If you ask for expert advice, it would definitely result in different answers. Some may say it will go into a deep correction in November 2021 while others would say that it will keep rallying until it hits at least $70,000 to $80,000. 

However, if you are still new to the crypto space and you want to purchase some Bitcoin, I highly recommend waiting for the price to go a bit lower. After all, long market uptrends like the rest of the October rally are bound to stop and go into a downtrend. If you feel like you missed out on BTC, be patient about it because corrections happen every so often due to short-sellers and current events that affect the market. I can’t tell for sure how long it will take but remember that nothing goes up forever.

As Warren Buffett says, “Be fearful when others are greedy, be greedy when others are fearful.” 

To further elaborate on his statement, it means you have to wait until the greedy buyers and FOMOs stop purchasing. When it does, it creates tension in the market, causing an imbalanced feud between buyers and sellers. Take note that there are plenty of unnamed big-shots in the crypto market, meaning the biggest bags take control of it. And, if they group together and sell altogether, a correction occurs that will affect the blockchain economy. 

A Positive But Uncertain Future Awaits

There will come a time when the biggest Bitcoin whales will sell off their shares which results in a correction in the market, affecting all other coins. When it does happen, the dip takes place. Once the plunge occurs, remember the saying: “Buy the dip”. Yet, even if you buy it at a discount, there’s no telling if the prices will continue to descend or return to a bullish pace.

As a bottom line, only time will tell and the current events that surround the crypto space can determine the overall value of Bitcoin by the end of the year. As long as there is a healthy contrast between BTC dominance and the altcoins, things will go well for everybody investing and trading in this market.

Trisha Reynolds

Written by Trisha Reynolds
on 26 Oct 2021

Cyril Sansano

Reviewed by Cyril Sansano

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