# Bitcoin’s Record High in Sight

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Last modified: 2021-10-12

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By Paul Ebeling · 2021-10-12
Tags: Shayne Heffernan on Investments, Bullish, Paul Ebeling, Bitcoin, Crypto, crypto, Bitcoin, Ripple, Non-Fungible Token, Knightsbridge, NFT, Blockchain, DeFI
Signed: no (published before platform launch).
Nothing in this article is investment advice.

#bitcoin #crypto

$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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