Bitcoin, the first-ever cryptocurrency, looks ready to set a new all-time high after continuing its assent in today’s sessions.
BTC carried on with its seven solid weeks of positive price momentum as it rallied from the $18,500 level after consolidating under $18K for several days. BTCUSD exploded past $18,700 for the first time since the top of the previous bull market in 2017.
The bulls’ remarkable push even saw the flagship crypto reach a new yearly high at $18,800 before retracting slightly lower. At the time of this article’s writing, BTC changes hands for $18,708 as it aims to surmount its final resistance before setting a new record high.
BTCUSD Chart by TradingView
Bitcoin price action continues to heat up, and investors are hopeful that the coin will soon clear the all-time high at $20k. Such a move higher would likely trigger a massive FOMO wave to flood the market and send the BTC price to astronomical prices.
Is BTC Price Ready to Set a New Record?
FOMO has already entered the space, and very little resistance is left before BTC clears the $20K mark. Given this increasing buying pressure and how strong the cryptocurrency’s upward momentum has been for the past few weeks, a new all-time high could be set very soon.
In fact, the chance of BTC setting a new record before the month or even week ends, cannot be ruled out.
As we reported earlier today, Bitcoin’s resurgent price action has sparked a new wave of interest from big players at Wall Street in the past week.
For instance, Nigel Green, the CEO of DeVere Group, tipped investors to continue flocking into safe-haven assets like BTC as a shield against inflation. Green also projected that emerging trends such crypto adoption among younger customers and increased global trade would bode well for Bitcoin.
DoubleLine Capital CEO Jeffrey Gundlach, who had previously expressed skepticism towards the nascent crypto space, also announced support for Bitcoin.
The latest Wall Street veteran to share a bullish prediction on cryptocurrencies’ future is the chief investment officer of Blackrock. He stated that the digital asset class is here to stay and projected the BTC could replace gold over time.
Such a powerful endorsement of BTC from one of Wall Street’s biggest and most reputable asset management firms was viewed as extremely bullish by crypto analysts.
Raoul Pal, CEO of Real Vision, commented on the Blackrock CIO’s view on the world’s leading crypto.
“This is huge news. This is the largest asset management firm on earth. 2021 is setting up to be a year of severe supply shortages vs. demand in Bitcoin and upside price dislocations, Pal tweeted.
ETH Price Lifts off to $500
Yesterday, ETHUSD rallied close to $495 but it failed to test the $500 level. The top altcoin corrected lower and traded below the key $485 pivot level.
However, the bulls found strong support near the $465 level and catalyzed an intense climb higher past $500. ETH is trading at $505 during press time.
ETH Trades Above $500 | Source TradingView