Bitcoin (BTC) has hit a new all-time high in U.S. dollars as a long-awaited surge pushes BTC/USD into price discovery.
BTC/USD 1-hour candle chart (Coinbase). Source: TradingView
Bitcoin back in price discovery
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin breaching the $64,900 ceiling in place since April.
On the second day of trading for the hugely popular ProShares Bitcoin Strategy ETF, BTC/USD again surged ahead of the U.S. open — a practice that has characterized the pair in recent days.
The halls of eternity echo with the cries of those who sold their #bitcoin.
— Michael Saylor⚡️ (@saylor) October 20, 2021
This week has already seen all-time highs for Bitcoin against several major fiat currencies, including the euro.
As Cointelegraph reported, expectations remain for even higher levels to hit in the coming weeks and months, these interspersed by brief corrections to establish new support levels.
The highest estimates for the short term currently center around as much as $300,000 per bitcoin.
“Bitcoin season” in full swing
Various data supports the idea that Bitcoin’s time to shine will precede altcoins, which continued to suffer against BTC on the day.
Related: BTC price is up 50% since China ‘selflessly’ banned Bitcoin mining
With Bitcoin’s market cap dominance at its highest since May — 47.4% according to CoinMarketCap records — popular traders were already warnin that now was not the time to focus on an alt-heavy portfolio.
So many alt/btc pairs look like they want to break down $ETH / $BTC at dynamic long term support line$SOL looks like it’s in a bear flag. Many have made macro LL’s
This is great bc of the ability to compound riding BTC up to new ath then alts back up. 2 for the price of one pic.twitter.com/y3gcjkyWmA
— Pentoshi Won’t Dm You. hates Dm’s. DM’s are scams (@Pentosh1) October 18, 2021
Estimates currently state that the first half of 2022 should produce a turnaround in altcoins’ fortunes.