- Bitcoin is closing in on $14,000, the previous high from 2019
- The cryptocurrency has risen 34% this month alone
- Bitcoin is in a fundamentally and technically great place to continue the uptrend
Bitcoin is closing in on $14,000 after a spectacular October, stopping just $100 short of its 2019 high. Having shaken off the impact of the September Effect, Bitcoin has resumed its long-term uptrend this, comfortably outstripping other assets and markets, although a pullback could be on the horizon before an assault on further highs.
Bitcoin in a Bullish Channel
Having recovered from its drop in September, Bitcoin has propelled itself 34% in October alone. It now sits in a bullish channel that began with the collapse to $3,800 all the way back in March:
$14,000, which represents the 2019 high, remains the next big resistance, which Bitcoin is unlikely to close above at the first time of asking. If the above channel is respected we can expect at best a wick to $14,200 before a return to the middle of the channel or below, with $12,000-$12,500 not off the table, which would still represent a continuation of the bullish structure and would give more momentum to another push.
In favor of a further move higher is the fundamental bullishness around the asset, with the crypto community celebrating the Bitcoin’s rapid ascent, buoyed in recent days by news such as the imminent arrival of PayPal’s cryptocurrency platform, in a manner not seen since early 2017.
As a result the Crypto Fear and Greed Index has been pointing to ‘greed’ for almost a full week, although it is still hovering around the crucial 70 mark, echoing the suggestion that October’s parabolic run may still have some room in it before profit taking occurs:
All Time Highs Incoming?
Bitcoin has outperformed almost every other asset and traditional market out there this month, with the NASDAQ, DJI, and S&P 500 all experiencing double tops and commodities like gold and silver spending the month stagnating.
Despite the potential of a short term pullback, there is real optimism in the space from old timers and new institutional investors alike that finally, after three years of waiting, Bitcoin could finally be on a path back to the all time highs that many thought it would never reach again.
