Bitcoin at $68,000: new All Time High (ATH) for BTC
Bitcoin at $68,000: new All Time High (ATH) for BTC
Bitcoin

Bitcoin at $68,000: new All Time High (ATH) for BTC

By Marco Cavicchioli - 9 Nov 2021

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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

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. 

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″. 

Bitcoin new high

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. 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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