Bitcoin continues to hold above $60,000 today marks the beginning of its third week above this key price level and the sixth week to close above it. As shown in our chart below this price point (horizontal blue line) was absolutely definitive resistance during the previous rally in Spring of this year as there was not a single weekly close above $60k.

Bitcoin hit a new record high today before trading down swiftly afterwards. BTC futures are trading at $64,545 as of 5 PM EST, after achieving a high just below $70,000 at $69,355. The fast-paced decline was not an unusual occurrence, Bitcoin and most markets do retrace after making new record highs.

Bitcoin futures made headway today towards our current target of $75k, gaining $5,120, or 8.34% in trading today. We now have the highest ever close on record for BTC futures. Ethereum also made a new all-time high today at around $4,700.

The total market cap of all cryptocurrencies combined reached a new apex of $2.7 billion on Thursday, but that did little to move BTC prices. As of 5 PM EST, BTC is trading slightly lower, down half a percent at $61,050.

Ethereum continues to make fresh new highs at the time of writing (6:30 PM EST), gaining $153 in the CME futures before closing and still; trading higher by $35 in after-hours trading overseas. The spot markets are trading around $4,540 ($5 below ATH achieved moments ago).

In last Wednesday’s article (Oct.20th), we went over our wave count for Bitcoin on a weekly candlestick chart, and today we have confirmation that the third wave that took BTC to its new record high has concluded. We will shed some light on where this fourth (corrective) wave could take us.

Today Bitcoin had a fundamentally bullish breakthrough in the form of Mastercard’s announcement that it soon will allow cryptocurrency services to its network of 20,000 financial institutions and 388 million cards in circulation, according to wallethub.com. The Intercontinental Exchange’s own Bakkt will provide the custodial service or the backend for this new feature.

The first SEC approved Bitcoin ETF debuted yesterday and October 19th will go down in the history books as a landmark date, just as May 19th will be recalled as a day of despair. Pro Shares Bitcoin Strategy ETF trades under the ticker symbol BITO and tracks the price of Bitcoin futures (BTC).

As many analysts and pundits across financial news have noted, this current bull run in Bitcoin and Ethereum is similar to the rally in Spring 2020 because it is fueled by institutions and wealthy individuals (whales) piling into the sector.

This piece will discuss the numerous catalysts that have propelled BTC back over $50,000 and if or how they differ from the rally that led to the all-time high being hit this Spring.