{"id":1586,"date":"2021-10-20T09:13:43","date_gmt":"2021-10-20T08:13:43","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=1586"},"modified":"2021-10-20T09:13:44","modified_gmt":"2021-10-20T08:13:44","slug":"bitcoin-btc-runs-above-64k-new-peak-possible","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/bitcoin-btc-runs-above-64k-new-peak-possible\/","title":{"rendered":"Bitcoin (BTC) Runs Above $64K, New Peak Possible"},"content":{"rendered":"\n<p>Bitcoin (BTC) entered the region where its price could set another all-time high above $64,000. On October 19, <a href=\"https:\/\/tradersofcrypto.com\/news\/bitcoin-technical-analysis-the-calm-before-the-storm\/\">BTC broke out<\/a> to a peak of $64,634.53, achieving its gains on trading volumes around $37B in 24 hours.\u00a0<\/p>\n\n\n\n<p>BTC stopped just short of its previous peaks in May at above $64,800, but with strong expectations of booming to a much higher price range. Greed is expanding fast, based on the Fear and Greed Index, and now measures Extreme Greed at 82 points. <\/p>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index.png\" alt=\"Bitcoin Fear &amp; Greed Index\" width=\"359\" height=\"323\" \/><\/figure>\n\n\n\n<p>The current trading climate ensured BTC had one of its most successful trading days despite prices near an all-time high, suggesting the upside for BTC may be more significant in the coming days and weeks.<\/p>\n\n\n\n<p>The most recent rally still happened on relatively low trading volumes and with leverage still recovering to levels from the previous peak. This sets the expectations for BTC breaking above $100K in another bullish cycle.&nbsp;<\/p>\n\n\n\n<p>BTC remains highly volatile, and the exact time frame of the price moves is unpredictable. Still, some of the most bullish scenarios see a breakout to six-digit prices before a pullback.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Here\u2019s what\u2019s going to happen:<br><br>1) <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> ATH in next few days<br>2) Institutional + retails FOMO hard<br>3) Tech giants open crypto payments<br>4) <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> pulls 150-200k peak<br>5) <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> reversal day 40-50k drop <br>6) Ultimate altseason<br>7) Bear market 2022<br>8) <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> bottom 10-20k usd<br><br>I\u2019m ready <a href=\"https:\/\/t.co\/GtCfTEqx2o\">https:\/\/t.co\/GtCfTEqx2o<\/a><\/p>&mdash; CRYPTO\u20bfIRB (@crypto_birb) <a href=\"https:\/\/twitter.com\/crypto_birb\/status\/1450166310634151942?ref_src=twsrc%5Etfw\">October 18, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>BTC continues to show long-term confidence on holding the assets as a future source of non-KYC payment solution in some cases, and as a long-term bet on price appreciation.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Whale Accumulation Drives Scarcity\u00a0<\/strong><\/h3>\n\n\n\n<p>The past two years showed remarkable large-scale adoption of BTC. Wallets with more significant holdings expanded and continued adding to their holdings. Short-term selling is still observed, but overall growth of large-scale wallets continues.&nbsp;<\/p>\n\n\n\n<p>The Supply per Whale measure shows the readiness to take coins off the market.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Since 2017 Bitcoin &quot;Supply Per Whale&quot; has basically never dropped.<br><br>Supply Per Whale = Supply of BTC for 100-10K addresses \/ number of 100-10K addresses<br><br>Once you become a Bitcoin Whale, you never stop accumulating. <a href=\"https:\/\/t.co\/ueoZLTWicp\">pic.twitter.com\/ueoZLTWicp<\/a><\/p>&mdash; Charles Edwards (@caprioleio) <a href=\"https:\/\/twitter.com\/caprioleio\/status\/1450041449043595265?ref_src=twsrc%5Etfw\">October 18, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>BTC offers incentives to hold long term, as well as potentially use the assets in their wrapped form to participate in DeFi operations. Still, BTC is sometimes viewed as too valuable to risk in smart contracts and <a href=\"https:\/\/tradersofcrypto.com\/coins\/ethereum\/\">Ethereum (ETH)<\/a> is more often used for liquidity.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Is BTC Still Threatened by Sudden Dips<\/strong><\/h3>\n\n\n\n<p>BTC has survived a record liquidation in May, followed by a mining ban from China in September. Since then, both prices and mining activity are on the mend. However, prices remain shaky as futures markets seek direction. BTC leveraged trading remains on the low side.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Current <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> market in 2 charts:<br><br>Left: no large exchange outflows or experienced holders seeking exit liquidity so far \u2705<br><br>Right: funding neutral, but open interest rising fast, as speculators return \u2753<br><br>We&#39;re ~1 headline away from either an ATH or a brief pullback IMO \ud83d\udc40 <a href=\"https:\/\/t.co\/FNA37RXW9l\">pic.twitter.com\/FNA37RXW9l<\/a><\/p>&mdash; Dilution-proof (@dilutionproof) <a href=\"https:\/\/twitter.com\/dilutionproof\/status\/1450715851666202626?ref_src=twsrc%5Etfw\">October 20, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>So far, BTC remains on the upside, and while prices have not recovered their intra-day all-time high, the close on October 19 was the highest in history, at $64,291.99.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Bitcoin ETF Adoption Accelerates<\/strong><\/h3>\n\n\n\n<p>After years of applications to launch various types of <a href=\"https:\/\/tradersofcrypto.com\/news\/bitcoin-btc-etf-hopes-boost-price-rally\/\">Bitcoin-based ETF<\/a>, several tickers are set to start trading. The Valkyrie Bitcoin Strategy ETF was among the first to be accepted by the US Securities and Exchange Commission and is set to start trading within days with a chosen ticker BTFD.\u00a0<\/p>\n\n\n\n<p>The ProShares BTC ETF also traded for a day already under the BITO ticker, raising more than $1B in volumes. The ETF market fluctuations are much lower, with 2% gains in its first highly active day, where BTC broke out nearly 5% on the spot market.&nbsp;<\/p>\n\n\n\n<p>In the coming months, several different futures-based Bitcoin funds are set to seek approval and launch for trading. As the ETF vehicle receives the green light, other forms of BTC investment are also transforming.&nbsp;<\/p>\n\n\n\n<p>Grayscale Capital will transform its Bitcoin Trust GBTC into an ETF. Grayscale\u2019s proposal will also be based partially on actual BTC holdings, which are currently 10% of the value of each share. GBTC has coexisted with spot crypto trading as a tool to gain exposure, and has either lagged or traded at a premium compared to spot crypto markets.&nbsp;<\/p>\n\n\n\n<p>Grayscale Capital has already filed to change the status of its investment vehicle, while retaining the status of its other crypto-based shares.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Grayscale and <a href=\"https:\/\/twitter.com\/NYSE?ref_src=twsrc%5Etfw\">@NYSE<\/a> formally kicked off the process this morning to convert <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$GBTC<\/a> into the first spot-based bitcoin ETF<br><br>Upon conversion, the Grayscale Bitcoin Trust will trade under the ticker symbol <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a><a href=\"https:\/\/t.co\/hev2bWb4r0\">https:\/\/t.co\/hev2bWb4r0<\/a><\/p>&mdash; Barry Silbert (@BarrySilbert) <a href=\"https:\/\/twitter.com\/BarrySilbert\/status\/1450448566615527425?ref_src=twsrc%5Etfw\">October 19, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The ETF launch news may be a factor for BTC in the next two months, especially given the success of BITO on its first day. So far, BTC has not gone through a sell-off and kept close to its all-time highs.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Miners Preserving Brand-New Coins<\/strong><\/h3>\n\n\n\n<p>Miners are becoming an even more important factor, as they keep an ever-growing storage of newly mined BTC. At 900 coins per day, even that supply is scarce. The advantage of newly mined BTC is a lack of previous history that may be linked to problematic wallets.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">\ud83d\udcc9 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Miners&#39; Netflow Volume (7d MA) just reached a 1-month low of -$244,923.53<br><br>Previous 1-month low of -$211,965.53 was observed on 27 September 2021<br><br>View metric:<a href=\"https:\/\/t.co\/SWRnCyqAn6\">https:\/\/t.co\/SWRnCyqAn6<\/a> <a href=\"https:\/\/t.co\/jDmqvlOpL4\">pic.twitter.com\/jDmqvlOpL4<\/a><\/p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1450329894626418695?ref_src=twsrc%5Etfw\">October 19, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>BTC mining has reached 143 EH\/s, still lower than its peak values of above 190 EH\/s. The latest difficulty adjustment on October 18 means the next two weeks may be less competitive for miners.&nbsp;<\/p>\n\n\n\n<p>For the first time in years, a US-based mining pool has displaced the top 4 Chinese miners. Foundry USA is the fourth largest BTC mining pool, displacing even the <a href=\"https:\/\/tradersofcrypto.com\/exchanges\/binance\/\">Binance.com mining<\/a> operation. The pool produces around 13% of the BTC blocks in recent days.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) went through a successful trading day over the recent ETF launch hype. BTC managed an all-time high price at closing, expecting peaks above $64K.<\/p>\n","protected":false},"author":3,"featured_media":1587,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[410,12,394,131,406],"class_list":["post-1586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-64k","tag-btc","tag-etf","tag-record","tag-valkyrie","entry"],"_links":{"self":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/comments?post=1586"}],"version-history":[{"count":0,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1586\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media\/1587"}],"wp:attachment":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media?parent=1586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/categories?post=1586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/tags?post=1586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}