The world’s most popular cryptocurrency achieved a new all-time (ATH) high on Wednesday, shooting past the previous ATH from earlier this year.
This comes off the back of numerous positive developments in the cryptocurrency space that has catalyzed this explosive move upwards for Bitcoin (BTC).
It really is time to pay attention to know what happens next.
Landmark US Bitcoin ETF puts bulls in charge
Just a day after the launch of the first US Bitcoin ETF, crypto prices are skyrocketing with most coins in the top 100 rankings trading comfortably in the green.
Indeed, it seems as though the ETF has opened the floodgates for new money to enter the markets after a nearly decade-long battle to get a US Bitcoin ETF failed to garner results until now.
The ETF makes it easier than ever before to get exposure to Bitcoin without owning the underlying asset.
This means that investors who were previously worried about the unregulated nature of the space, as well the security procedures involved, now have a way to diversify their portfolios, in a safe and regulated way.
Experts believe that this has the potential to onboard billions of dollars worth of money into the ecosystem, which could push crypto prices much higher.
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Is a 6-figure Bitcoin on the way?
The question on everyone’s minds is what’s next for Bitcoin?
Historically, the fourth quarter of the year, known as Q4 in the financial sector, has shown to be explosive months for Bitcoin growth.
It’s safe to say that the price action so far has been following this pattern accurately.
Looking at the chart, it seems that the next resistance level for BTC is at $80,000 and $85,000 which lines up with a Fibonacci level.
Before getting too bullish, remember that the cryptocurrency markets are highly volatile so only invest what you can afford to lose.
