Bitcoin Prices Are Up More Than 130% Year-To-Date After Hitting Latest High
Bitcoin prices have continued to climb today, fluctuating close to all-time highs earlier today and then rising to fresh records.
The world’s most valuable cryptocurrency by market value rose to $67,777.70 around 6:15 p.m. EST, according to CoinDesk data.
Once it had climbed to this level, the digital asset was up more than 134% this year, additional CoinDesk figures show.
Since reaching its latest all-time high, bitcoin pulled back somewhat, approaching $67,000 but never reaching that level.
Less than an hour later, it had recovered, rising again and reaching almost $67,750.
Since then, the digital currency has traded close to that price level, being worth roughly $67,500 at the time of this writing.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Earlier today, several market observers spoke to a technical pattern that had formed in bitcoin called a bull pennant, which was originally mentioned in a Cointelegraph article.
“A bullish pennant is a technical trading pattern that indicates the impending continuation of a strong upward price move,” according to an informational post on the IG website.
“They’re formed when a market makes an extensive move higher, then pauses and consolidates between converging support and resistance lines,” the post continued.
“Technical traders take this as a sign that the original ascending price move is going to resume,” it added.
As a result of this formation, the digital currency could have room to run, according to several technical analysts.
Sean Rooney, head of research at Valkyrie Investments, spoke to this earlier today, stating that bitcoin had “indeed formed the structure of a bull pennant” and was moving in the direction of fresh, all-time highs.
He also added that “if the current bull pennant plays out according to traditional technical analysis, BTC will likely make a run at $70,000 in the near term.”
As a result, the digital currency could make an attempt on the $70,000 in the near future.
Greg Waisman, co-founder and COO of the global payment network Mercuryo, also spoke the situation.
“The Bitcoin bull pennant assessment is obvious as depicted by the on-chain market chart,” he stated.
Waisman emphasized that market dynamics can produce a bearish trend at any point. However, as long as this development does not materialize, “several indicators still point to the fact that the ongoing bull run is not ready to take a breather just yet,” he said.
After emphasizing the aforementioned points, Waisman elaborated on other technical indicators, helping provide additional context.
Earlier today, he described bitcoin’s moving average convergence divergence (MACD), a technical indicator that helps show an asset’s momentum, as being on the verge of a breakout.
Further, Waisman noted that bitcoin’s relative strength index was roughly 65, below the level of at least 70 it would need to be considered “overbought.”
As a result, “there is still more room to go” for bitcoin prices, he stated.
Bitcoin Has ‘Serious Room To Run’
Over the coming weeks and months, the world’s most prominent digital currency could enjoy further upside, according to David Schwartz, project director of the Litecoin Foundation.
“I think there's some serious room to run over the next 6-12 weeks,” he stated.
“I just feel like it's programmed in through the penned up accumulation and slow ascent.” Schwartz said, speaking to the patterns that have characterized bitcoin in recent months.
The digital currency has reached a series of highs this year, climbing to almost $65,000 in April, close to $67,000 last month and nearly $68,000 today.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.Source