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.

The first four days of October 2021 have been exciting times for Bitcoin bulls, starting this week at approximately $43,000 now five days later BTC is trading $12,000 dollars higher. That equates to a 32.5% increase over the last seven days beating Ethereum’s 25% gain for the same period.

After Friday’s tremendous upside surge that took pricing $5,000 higher, we saw a break above resistance today that BTC closed below on Friday. Therefore, today’s continued bullish momentum can be viewed as just as big as last week’s.

Bitcoin experienced a brief dip to $40,000 last week Friday after the Chinese government implemented a ‘blanket’ ban on cryptocurrencies. This announcement by the Peoples Bank of China doubles down on their announcement made earlier this year that was mainly focused towards mining farms.

In my last article, I wrote about the current unique relationship between gold and BTC. This correlation is one where gold leads BTC by four months. It began at the start of the pandemic and continues still. My mid-term forecast for Bitcoin futures using this relationship can be summed up in a quote from the article published September 13th -