New ATH for Bitcoin. Earlier today, Bitcoin broke through $66,000 in the afternoon, breaking the previous all-time high of $65,000 set on April 14.
The reasons for Bitcoin’s new ATH
The new all-time high was in the air. In recent weeks, Bitcoin had resumed its path towards $60,000. The launch of the first Bitcoin futures ETF in the United States gave a decisive boost.
Those expecting a rally as early as yesterday were disappointed. Yesterday, BTC hovered around $63,000 without finding the strength to break through the $65,000 barrier. But this afternoon, the momentum that everyone was waiting for arrived and a new all-time high for BTC was reached.
Comparing bull runs
This 2021 is turning out to be an extraordinary year for Bitcoin. Those who feared that after the previous record high in April the crypto winter had begun had to take note that this is not 2017. Four years ago, when Bitcoin fleetingly touched a record of $20,000 only to fall by half within a short time, the cryptocurrency market entered a long bearish phase, in which Bitcoin suffered for a long time. Even as late as March 2020, the panic in the markets caused by Covid led to a drop below $4,000.
BTC has been able to be resilient, thanks to a deeply matured market and an economic context where the consequences of the pandemic have shattered all certainties and broken all rules. Even the most sceptical found themselves believing in BTC. Then came the ETFs: yesterday’s success, as witnessed by the trading volumes of BITO, the ProShares ETF, confirms that institutional investors were asking for nothing more than an instrument that would allow them to invest in BTC.
When that long-awaited instrument finally got the green light from the SEC, so did the shot in the arm for Bitcoin’s price.
The community rejoices
On the crypto community’s most popular social network, Twitter, the celebrations began.
The CEO of Twitter and Bitcoin enthusiast Jack Dorsey commented with a single icon:
— jack⚡️ (@jack) October 20, 2021
And then there is Michael Saylor, who addresses a thought to those who have sold their BTC:
The halls of eternity echo with the cries of those who sold their #bitcoin.
— Michael Saylor⚡️ (@saylor) October 20, 2021
Anthony Pompliano on the other hand published some of his old interviews in which he predicted BTC’s success.
What happens now
So what happens now? It’s hard to say: many predictions seem to agree that Bitcoin can end the year at as high as $80,000. In short, there is room for further growth.
Finally, it is worth mentioning that the SEC has other ETF applications pending: Galaxy DIgital and Ark Investment are waiting to see their products listed as well. If this happens, there is a chance that Bitcoin could go even further, to quote Jack Dorsey’s icon: to the moon.