Bitcoin (BTC) is at its best – almost literally – approaching a new week below 15% of all time highs.
A classic combination of factors laid the foundation for the end of the fourth quarter, which analysts now confidently compare with the optimistic results for 2013 and 2017.
After disconnecting from macroeconomic market movements and the US dollar, bitcoin once again looks like the gold alternative that investors want – all while altcoins get away.
Since Uptober only comes out the second full week, Cointelegraph is analyzing what the BTC price may be in the coming days.
Altcoins delayed to Bitcoin season
Things look rosy for bitcoin traders at the beginning of the week – last week’s highs of four months are back and beat.
With the exception of a strange anomaly on Bitstamp, which temporarily fell to $ 51,000, the quiet weekend retained its previous gains.
Now that it looks like it is preparing for an attack on final resistance during the all-time high of $ 64,500, BTC’s price movement pleases market participants.
However, there is another aspect behind Bitcoin’s strength that may provide greater potential in the short term.
Altcoins are ineffective, making it possible to predict the “bitcoin season” before any alternative season later emerges. According to the Cointelegraph, this can not happen until 2022.
The situation is particularly evident in Ether (ETH), the largest altcoin by market value, which is now at its lowest level relative to BTC since the beginning of August.
“ETH / BTC is collapsing as bitcoin merges,” Cointelegraph contributor Michael van de Poppé summed up late Sunday night.
“I guess bitcoin continues and altcoins have not yet entered the game.”
ETH / BTC (Bitstamp) 1-day candlestick. Source: TradingView
However, Van de Poppe added a controversial peak cycle stop of $ 20,000 ETH / USD with a time frame for the first quarter of next year.
“Are you here”
When it comes to price movements in BTC, it takes a lot to satisfy bitcoiners.
Every old person on Crypto Twitter knows that even the most unexpected BTC / USD move can only satisfy the mood long before investors demand more.
Last week was no exception – Bitcoin earned $ 3,000 in minutes, $ 5,000 an hour and reached heights in four months, but a few days later commentators complained of “boredom”.
The weight of Bitcoin’s predictions for 2021 – the year after the third cut in half and therefore the deadline for the upper price cap in the halving cycle – is clear.
How high the price of BTC is is a hot topic of discussion, and while some claim that $ 200,000 or even $ 300,000 is “programmed”, others are already losing confidence in claiming that this cycle cannot be the same as the two previous.
When comparing the years after the half cut, however, it seems that it gives an almost unanimous verdict on Bitcoin’s odds – a big rally against the explosive top has not yet begun.
For example, the fall in September to less than $ 40,000 indicates similar incidents in 2013 and 2017. These incidents occurred just before launch and served as the “last” bear trap.
Overlay of the price figures for 2021 on the figures from 2017 also gives a strange resemblance.
All these results from the popular TechDev trading account show that this year’s peak was higher than last year. The analyst claims that technically or not, the six-digit number is logical.
At the same time, the similarities are not new, as various sources show how the price is in line with previous years after being halved during 2021.
At one point, $ 31 billion was settled.
A lot of attention has been focused on the basics of the Bitcoin network through the bull race 2020-2021, but that’s not all.
New data shows that with hashish and difficulties in recovery and highs for almost all times, other aspects of Bitcoin set their own records.
This week we’m talking about network bandwidth and scaling – all in the chain, even before Lightning Network was considered.
As analyst Kevin Rock noted, bitcoins traded over $ 30 billion a day last week.
“$ 31 billion. This is the value calculated on the Bitcoin blockchain in one day this week.”
“This is a new all-time high for bitcoin and a 40x jump in estimated value from 2020.”
Bitcoin daily volume chart. Source: Kevin Rock / Twitter
Impressive results are achieved at a constant cost – Bitcoin transaction fees remain low.
Questions about GBTC
The countdown to the Bitcoin Trading Fund (ETF) decision continues to rage this week, but the approval is “already priced?”