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Bitcoin: updating the all-time high is not a fix for you! Be careful!

Well, we've waited! Bitcoin has updated its record high, reaching 68,500 dollars for one coin today. Fears about a deeper correction were not justified, the triangle was broken to the upside. Will the growth continue now and what catalysts will push the main cryptocurrency to new record values?

Institutions flee inflation

Only the lazy one doesn't talk about it now. And the Federal Reserve is still very soft on restraining inflationary pressure.

Against this background, institutional investors are looking for more reliable assets. Marketing experts believe that this is one of the main factors of interest in the traditional stock market and the new cryptocurrency market for major players.

It is worth noting that a report on the US consumer price index will be released on Wednesday, and if it turns out to be stronger than the forecast, bitcoin may get another driver for strengthening.

By the way, today's update of the highs may signal the beginning of the final rise in the fourth quarter, before the cryptocurrency market demonstrates a more pronounced consolidation next year.

How things are on the web: whales are accumulating, hashrate is growing, bitcoin is preparing an update

In yesterday's Glassnode report, it was indicated that the total balances of bitcoins on cryptocurrency exchanges are constantly decreasing. In parallel, it is known that bitcoin whales are increasing their positions. Over the past five days, cryptophytes with a balance of 10,000 to 100,000 BTC have accumulated 43,000 bitcoins on their wallets.

Meanwhile, the hashrate has every chance to set new records before the end of the year. And this is after it plummeted in the middle of 2021 due to Chinese repression.

Also in line is the biggest bitcoin upgrade in four years, with an emphasis on improving transactions, privacy and efficiency. The Taproot upgrade will also add smart contract functionality - a key feature of blockchain technology. The planned BTC update will occur even with bolder forecasts regarding the prospects for price growth. For example, JP Morgan previously claimed that BTC could reach $146,000 by the end of the year with a short-term target price of $70,000.

Bitcoin: where next?

Today, at the time of writing, bitcoin has lost some of its morning positions. There are 67,000 left from 68,500. Moreover, the breakdown of the resistance of 67,044.68 now looks like a false one - the level is punctured by a shadow.

Of course, it's not evening yet, that is, the day candle is not closed. So it can still be. But consolidating above the level of 67,044.68 now is a key factor for the further growth of the cryptocurrency.

If the main cryptocurrency manages to be on the other side of the October high, you can expect a fast or slow growth first to the round level of $ 70,000 per bitcoin, and then to $74,000, where the level of 161.8 Fibo Expansion passes.

The second scenario, less optimistic, is consolidation in the range of 63,722.20-67,044.68. And it is likely that tomorrow's inflation data will become a local catalyst or an increase in flight to the main cryptocurrency. But this is not accurate, since bitcoin has not yet reacted as sensitively to the news at the moment as the US dollar.


The material has been provided by InstaForex Company -