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Bitcoin’s Record High in Sight

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$BTCUSD

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!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.