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Bitcoin: All-Time Highs in Sight, This Time Without the Hype

 

The stage is fixing for bitcoin to potentially break its record high...

In these unprecedented times, it’s oddly reassuring to ascertain something …precedented… happening in global markets.


Defying many obituaries, bitcoin has risen from the ashes to approach record highs again, mirroring 2017 when countless millennials convinced their uncles to shop for cryptoassets over the Thanksgiving table beforehand of a blowoff top by Christmas. because the chart below shows, bitcoin’s price is notably above it had been at this point three years ago…In other words, another big Bull Run could have far further to run if/when the general public reaches the euphoric FOMO (“fear of missing out”) stage again.


The technical picture is are often summed up succinctly: Bitcoin is clearly overbought across most short- and medium-term timeframes, so a quick pullback/consolidation is probably going soon, but the world’s oldest cryptocurrency has closed exactly three days above the present price near $18,000, so there’s little within the way of overhead resistance to stop new all-time highs this year.


Looking at the “fundamentals” like they're , the bitcoin network is as active as ever and substantially safer than it had been at this point three years ago. because the chart below shows, the nearly 1M active bitcoin addresses is on par with the last bubble’s peak, while the hashrate (a measure of the raw computing power securing the bitcoin network) has surged from roughly 10 Exohashes/second to about 130 Exohashes/second today:Meanwhile, there’s many anecdotal evidence of broader adoption, from purchases by legendary hedge fund manager Paul Tudor Jones and enormous allocations from corporate treasuries like Microstrategy on the institutional side to surging purchases on the Cash app and new ways to shop for through firms like PayPal on the retail side.


The confluence of a generally bullish technical picture, vastly improved fundamentals, and clear narratives around adoption, all while remaining generally “under the radar” for many investors, suggests that traders may still buy the cryptoasset on short-term dips for a possible enter record territory... and beyond. At now , only an opportunity back below previous-resistance-turned-support within the $12,000 area would call the medium-term bullish bias into question.


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