Bitcoin‘s price today recorded its new all-time high (ATH).
The previous record was set on October 21, when it rose above $67,000, but today, for the first time in its history, it managed to break past $68,000.
Summary
Bitcoin’s All-Time Highs
After surpassing them, it went as high as beyond $68,500, only to fall back below $68,000.
On Saturday it had hit a weekly low of $60,100, so in just three days the price of Bitcoin has risen 14%, although it has since fallen back slightly.
PlanB’s analysis
According to PlanB, its stock-to-flow model predicts that Bitcoin will reach $100,000 by the end of the year, but in the event of a new speculative bubble, this figure could be exceeded by a large margin.
As you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr). But S2FX model predicts $288K average this cycle (we need some real fireworks in 2022 for that). Let's see where this 2nd leg of the bull market will take us🚀 pic.twitter.com/ttiNT5yMKe
— PlanB (@100trillionUSD) November 8, 2021
His other S2FX model predicts reaching $280,000 in the current cycle, but to reach that figure PlanB himself writes that it would need “some real fireworks in 2022″.
Towards new records
The current price is still well above the average price in October, as the daily average was over $57,000, and in November it never fell below $60,000.
It has happened many times in the past that the annual highs in the price of Bitcoin have been recorded between late November and mid-December, so it is not unlikely that the current record could be broken again by the end of the year.
There are several analysts who argue that the 2021 Bitcoin bullrun may not yet be over, despite today’s all-time high, even though $68,000 remains a relatively difficult mark to break.
It was precisely in the last ten days of October that this was the resistance that prevented the price of BTC from rising further, so much so that it failed to even reach it.
Today’s record high also only pushed Bitcoin’s dominance up one point, making it clear that BTC is dragging behind all the other cryptocurrencies. In fact, ETH also recorded its new all-time high today.
On a more colourful note, Cameron Winklevoss tweeted that BTC and ATH are the two best acronyms on the Internet.
BTC ATH are the two best acronyms on the Internets
— Cameron Winklevoss (@cameron) November 9, 2021
