Bitcoin has finally turned upwards, rising to $59,000 after weeks at low $50ks or even below it following a correction from the all time high of $64,000.
The crypto has watched eth moon and moon, doge bull run, as well as other cryptos like BCH showing significant gains. All that time bitcoin has stayed there quietly, ranging in that 50k forever, but for the past couple of days it has been moving and on its own.
With much weakness we must say, like some heavy, tired and scared bull climbing, with the price retracing often in at times confusing patterns. But it has been moving and the reason may be that eth has slowed down its crazy fast bull run of $1,500 in about a week from $2,100 to $3,600 with it now seemingly kind of more following bitcoin.
The doge run may well be over later today as well, or it heads off to $1 parity, with it potentially the case now that people are looking at bitcoin again. If so, this may $70k perhaps even this month, and then might even $80k where it might range for a few weeks.
Picking up autumn at $80k would be the face melt scenario, as at some point if mania takes hold this should start moving in $10k candles to perhaps rise in about two months between November and December from $100k to $500k.
Nonsense, may well be the right answer, or since that is probably the default answer for many, it is what we actually get. For now, just getting back to the $60ks and ranging there would be nice enough as the bull maybe has been awoken again.
Ethereum Crosses $3,600
Ethereum has reached a new all time high of $3,640 at the time of writing as the currency suddenly jumped again by about $100. It was somewhat quietly following bitcoin, which reached $59,500, but then eth gained significantly on the ratio, continuing the eth show.
Its ratio rose from 0.0604 to 0.0618 bitcoins at the time of writing, nearing the local high of just above 0.062. There doesn’t seem to be a particular reason for this jump except that eth has been quite bullish for the past two weeks now and seems to be light in movements.
So it perhaps just got excited after seeing bitcoin near $60,000, and so it had a run of its own.
One potential news may be that VanEck has filed for an eth ETF, but the price move may be more just sentiment with eth so continuing to keep the show. For how long remains to be seen as bitcoin has been moving too with new dynamics now seemingly at play.