- Bitcoin and Ethereum both broke all time highs overnight as the crypto markets remained buoyant
- Bitcoin hit $68,000 while Ethereum is closing in on $5,000
- The total crypto market cap has now fulfilled a cup and handle pattern
Bitcoin and Ethereum hit all time highs overnight as the total cryptocurrency market cap neared $3 trillion dollars. Bitcoin topped out at $68,500 while Ethereum hit $4,840 in a sign that the repeat of the 2013 double bull run is taking place. With new all time highs taken out, what can we expect from Bitcoin in the coming weeks and what are the levels we should watch for?
Bitcoin Shows Strength
Bitcoin’s jump from $60,000 to $68,000 was unexpected by many, although a positive weekly close suggested that new highs were possible this week. This has turned out to be the case, with Bitcoin breaking new ground. The question now of course is what happens next. Given the sharp jump a pullback we can expect a pullback at some point, and if this happens there are two levels to look out for:
Flipping the prior high of $67,000 would be incredibly bullish and would set Bitcoin up for a monstrous November, but even a pullback to $64,000 would be welcome. Bitcoin has tried on three separate occasions to use this as support, and doing so now would represent a great show of strength. This would also be where alt holders would like to see Bitcoin settle for a while, as it would allow money to flow into alts.
If Bitcoin does keep on moving up however, which given its current mood is eminently possible, the following levels should be used as targets:
These, of course, are short term targets before a double digit pullback and mini-alt season.
Market Cap Forms Cup and Handle Pattern
Another sign of the buoyant crypto market is the total cryptocurrency market cap, which recently passed its own all time high and is rapidly approaching the $3 trillion mark:
This breaking of the prior high has fulfilled a beautiful cup and handle pattern, which typically results in a price explosion, meaning that the $3 trillion ceiling could be smashed much quicker than we think.
