• Bitcoin (BTC, Tech/Adoption Grade “A-”) is flexing its muscles right now as it smashes through its all-time high (ATH).
• Ethereum (ETH, Tech/Adoption Grade “A”) looks primed for a huge breakout as it crosses $4,000 once again.
The bulls are out in full force this week, just as the Bitcoin futures exchange-traded fund (ETF) hit Wall Street.
Bitcoin climbed 12% in the past seven days and has hit a new all-time high. At the time of writing, the King of Crypto is priced at $66,388.90.
This is cause for reflection ...
Bitcoin is doing all of this despite Wall Street, which has scorned Bitcoin from day one.
At every opportunity over the past decade, talking heads have disparaged Bitcoin and crypto in general, calling it “dirty money.”
When Bitcoin futures hit the market during the 2017 bull run, traditional finance rushed in to short as much Bitcoin as possible.
Traditional financial institutions simply could not imagine anything that might change the status quo. So they missed a paradigm shift that happened right under their noses.
For the past decade, they’ve had the opportunity to buy BTC and embrace crypto, but almost all of them have chosen not to.
Today, Bitcoin is flipping them the metaphorical bird as it has now smashed through its previous ATH despite their efforts.
This begs the question: At what point and at what price of BTC does Wall Street finally realize Bitcoin is here to stay? Because starting today, they’ll be buying their Bitcoin at prices never seen before … and I for one relish in that.
As for the rest of us, today is a day of celebration: Bitcoin is now firmly in price discovery mode.
Additionally, BTC has massive momentum behind it, and there’s perhaps an entire new wave of investors itching to get their hands on it it any way they can.
Things look very promising, and the chances of a parabolic wave to this bull run keep looking better by the day.
As I mentioned, BTC is in price discovery mode right now, but the next major target to the upside would likely be the $75,000 level. I won’t speculate any further than that, but it’s very likely that if/when Bitcoin breaks that $75,000 level, it could shoot up to six figures.
I’ll repeat: Today is a good day.
Here’s BTC in U.S. dollar terms via Coinbase (Nasdaq: COIN):
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Ethereum is following right behind Bitcoin.
If it doesn’t hit a new ATH by the time you’re reading this, you won’t have to wait much longer. ETH will attempt to do its best not to let BTC steal the show.
While there is no ETH ETF for traditional investors right now, forward-thinking hedge funds and family offices will surely be doing their best to scoop up as much ETH and other blue-chip altcoins as possible in an attempt to front run their peers.
ETH has now surpassed the $4,000 mark again and is sitting just under its previous ATH of around $4,200. That high could be broken at any moment now as momentum continues to build.
Investors are still likely to focus most of their attention on Bitcoin over the course of the next few days and perhaps weeks. After that point, they’ll begin to shuffle some of those profits into large cap, blue-chip altcoins like Ethereum. Keep your eyes on ETH for the time being.
Here’s ETH in U.S. dollar terms via Coinbase:
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Notable News, Notes and Tweets
• Preston Pysh highlights the resolve in the crypto community despite Wall Street’s bearish attitude.
• Pomp describes how the narrative behind inflation continues to shift.
What’s Next
Well folks, we did it.
Bitcoin has finally hit another ATH just as we’ve been calling for months now.
Things seemed a bit shaky at times, specifically during this summer’s price retreat, but the fundamentals and the technical analysis gave us the conviction that Bitcoin and the crypto market were not slowing down for very long.
Today, Bitcoin’s price — and hopefully your portfolio — reflect that conviction.
This is not the end, however... This is likely just the start to the next parabolic wave of the Bitcoin bull market. Media attention is sure to come, as will new retail and institutional investors.
You’ve been early to the party this whole time, so give yourself a pat on the back.
Now get back to working on increasing your positions … because this isn’t over yet.
Best,
Alex
