Bitcoin Remains Strong, Shoots for Historic Highs

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Bitcoin on Pace for Highest Close in Almost 3 Years as JPMorgan Joins the Crypto Club

Summary

  • Bitcoin (BTC) eclipses old highs from 2019.
  • Pfizer (PFE) vaccine announcement lifts global markets.

Bitcoin (BTC) bulls kept their feet on the gas this week, lifting the world’s largest cryptocurrency to a fourth straight week of gains. Four weeks ago, BTC traded near $11,000 and now has launched above $16,000. The gains have not just accumulated in the last few weeks, however. Bitcoin has taken out the 2019 highs of $13,800 and is now up an impressive 127% year to date. BTC now only has the all-time price high of $19,783.06, which it briefly touched in 2017 to contend with.

Bitcoin (BTC) blows past 2019 highs.

Macro news was plentiful this week. Joe Biden declared victory in the contentious U.S. elections while the latest Corona Virus news was mixed. Corona Virus hospitalizations rose globally, prompting select U.S. cities and European nations to apply pandemic restrictions once again. News from biotech behemoth Pfizer (PFE) helped to quell those worries, however. Pfizer announced that its Covid-19 vaccine was 90% effective in an interim analysis of its phase 3 trial, sending both crypto and equities markets soaring.

This Week’s Topics

  • Bitcoin (BTC) hits the highest level since January 2018.
  • Altcoins remain range-bound in the short term.
  • Investors wait for Ethereum 2.0 release.
  • BTC decouples from gold (@gc).

Next Week’s Market Forecast

Uncertainty surrounding the U.S. presidential election still looms over global markets as the Trump campaign has filed a lawsuit in Michigan and a recount is to take place in Georgia. However, the outcome seems all but settled. The threat of further lockdowns also puts in danger the world’s economy and markets though the Pfizer (PFE) vaccine announcement has done much to quell those fears in the short term.

For the time being, the price of Bitcoin (BTC) is sticking straight up in the air with the trend remaining up. Investors will want to see the highs from 2019 of about $14,000 to hold on any pullback. Ethereum (ETH) has been range-bound in recent weeks and has not been as strong as Bitcoin (BTC) although, the upcoming upgrade to the Ethereum 2.0 network could prove to be a catalyst.

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