Bitcoin is running toward its all-time high after jumping more than 90% since a low in July.
The largest cryptocurrency was trading just above $57,000 as of 10:07a in London, some $7,700 shy of its April record.
Bitcoin’s climb has activated an inverted head and shoulders pattern. The measured objective for Bitcoin derived from this pattern is about $79,000, which would Top the all-time high of about $65,000 from April.
Positioning in the options market suggests bets on a continuation of the Bitcoin advance. Open positions for the $80,000 strike call for December 2021 expiry far outnumber those for the $40,000 strike put, according to the data.
Bitcoin outperformed in October 2018, 2019 and 2020, and the pattern is holding again this month.
Have a prosperous day, Keep the Faith!