Bitcoin (BTC) Soared Above $69,000, Prompted Hopes That It Would Set a Record High Very Soon

The token has been trading around the $66.5-67.5K range over the past week, but today's surge marks its first time past $69,000 since October 20th.

Bitcoin (BTC) soared to highs of $69,212 (BTC/USD) on Monday in a move that sparked hopes of fresh record highs very soon.

The token has been trading around the $66.5-67.5K level for the past week, but today’s surge marks the first time past $69,000 since October 20. The fact that the coin has managed to achieve the high mark twice in such a short space of time could indicate that it is preparing to surge higher and break out of its current range.

Several factors are pushing Bitcoin to these highs, including the Chinese stimulus plan, the recent Federal Reserve interest rate cut and the price of gold, which has surged recently. Bitcoin and gold are both considered safe haven assets, largely due to the way that their value is independent of fiat currency.

Even the recent fighting in the Middle East is helping Bitcoin in some ways, as the coin is not heavily affected by tensions in the region in the same way that a commodity like gas would be. The U.S. dollar and the stock market can suffer when war breaks out in a country that is closely allied to the United States, but Bitcoin is bought and sold all over the world, meaning that it is less affected by U.S. politics and economics than the U.S. stock market or the U.S. dollar.

How High Will Bitcoin Go?

Bitcoin is showing signs of moving higher overall right now compared to earlier in the month. For the first half of October, Bitcoin traded between $60K and $63K on average. The price was also a lot more volatile compared to the last half, and that all changed on October 13. From there, Bitcoin shot up from $62,600 to $67,600 in just two days.

The last half of October has seen Bitcoin trade between $65,311 and $69,219. The higher range has also been much steadier than the first half, showing less volatility. It looks to us like Bitcoin is working on an upward trajectory and developing a new, higher support level.

We estimate that Bitcoin will break $70K in the next couple of days and then will move to a new all-time high by the middle of November. That is a bit slower than we previously expected the coin to set a new record, but if Bitcoin can achieve a record high anytime before 2024 ends, then that will be a big win for its investors.