Will bitcoin hit a new record this week?

After surging past $60k, will bitcoin hit a new record this week?

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Bitcoin could hit a new all-time high this week, after the coin passed $62,000 briefly on Sunday, with the price boosted by news that a bitcoin exchange-traded fund (ETF) could start trading on the bourses this week.

The ProShares ETF would give exposure to bitcoin futures contracts instead of spot bitcoin, and trade under the ticker symbol “BITO.” One analyst suggested to Business Insider that this new opportunity for people to make money from bitcoin could see the coin’s price rise to $74,500, and even hit $85,000 in the next few months.

The coin’s end-of-week close, $61,514.70, was the highest weekly close ever, and the third successive weekly gain for for the BTC/USD pair. It was only 5% short of its record price of $64,863.10, seen on 14 April this year

However, Currency.com’s Rakesh Upadhyay said: “The bears are likely to mount a stiff resistance in the $62,908.70 to $64,919.10 resistance zone. If the price turns down from the overhead zone, the bears will again attempt to pull the pair to the 20-day EMA. That could result in a drop to the breakout level at $52,953.85.”

Bitcoin’s recent price history

Bitcoin’s break through the $60,000 barrier on Friday was not the first time it has done so. In April 2021, the coin rose above this level and stayed above it, or at least hovered around it, for a little while. What caused bitcoin to rise was, symbiotically, the link between a booming crypto market and being the biggest coin around. Between 11 April and 18 April, it spent more time above the $60,000 mark than it did below it, with the highlight being the intraday high of $64,863.10 on 14 April , the highest price ever recorded by a single cryptocurrency. What this means, basically, is that the bitcoin price has reached these sort of heights before, it has done it relatively recently – about six months ago – and therefore, it is possible that it can reach them again.

The last time that BTC stood at more than $60,000 was on 18 April when it had an intraday high of $61,057.46. The path from there was downhill and, at the start of 19 May it was $42,944.98. The crash happened and it went to an intraday low of $30,681.50. That is a decrease of more than 28% over the course of mere hours. Fortunately, for bitcoin and the world of crypto in general, there was some recovery to $37,002.44 by the end of the day.

Bitcoin price chart
Bitcoin’s price in 2021 – Credit: Currency.com

Bitcoin briefly dipped below the $30,000 mark on 20 and 21 July before recovering. Had it stayed below $30,000 for any length of time, that would have tested the reserves of the cryptocurrency as a whole. Nevertheless, there was some positivity on the horizon and the price moved up, breaking past its opening figure of 19 May towards an intraday high of $43,271.66 on 6 August. There was still momentum, and it broke through $50,000 on 23 August with an intraday high of $50,482.08 and, while the next six weeks or so were mainly spent in the $40,000s, it went above $50,000 for a sustained bull run on 5 October and has been there ever since, before finally hitting $60,000 in the middle of the afternoon on 15 October where it spent the rest of the day hovering around that point before closing at $61,593.95. The next day it stayed between a low of $60,206.12 and high of $62,274.48 before closing at $60,892.18. On October 17, it dropped to below $60,000 briefly, hitting an intraday low of $59.164.47, but recovered to close at $61,553.62. Although it threatened to go below $60,000 again on 18 October, it never did so and was standing at around $61,520 in the middle of the afternoon.

Bitcoin price predictions

WalletInvestor suggests bitcoin will pass $70,000 before the end of this month, could hit almost $92,000 by this time yext year and be worth almost $210,000 in five years. On the other hand, CryptoGround is more cautious, saying the price will fall back to below $58,000 within a week, and not pass $65,000 for another six months, before coming within touching distance of $80,000 in a year and $130,000 in five years.

However, the extreme volatility of bitcoin, still easily the biggest cryptocurrency, which has doubled in value in six months and could easily halve again in the next six months, means there is no way of telling what will happen.

FAQs

We don’t know. It might do but, on the other hand, the recent activity may end up being nothing more than a temporary high. What we do have to remember, though, is that bitcoin, like cryptocurrencies in general, can be extremely volatile and prices can go down as well as up.

This is certainly possible although if and when it does so remains a matter for conjecture. In September, both the British bank Standard Chartered and Zap Protocol co-founder Nick Spanos said BTC would reach that figure in the near future. Those predictions are not set in stone, though. Remember, forecasts can very often be wrong.

If you want to invest in bitcoin, you can do so at Currency.com. However, it is imporant that you do your own research, remember that prices can go down as well as up, and never invest more money than you can afford to lose.

Further reading

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