Afteranexcruciating(forthebulls)morethansevenmonthsofsidewaystolowerpriceaction,bitcoin(BTC)appearssetforanotherchallengeofitsall-timehighofroughly$73,700hitinearlyMarch.
FollowingwhatisnowlookinglikeafinalwashoutplungeintheopeningdaysofSeptemberthatbroughtthepricedowntothe$53,000area,bitcoinhasmostlybeeninrallymodesinceandfinallytookoutthe$70,000levelminutesago.
Afreshrate-cuttingcyclefromthemajorWesterncentralbanks(excepttheBankofJapan)combinedwithsizablemonetaryandfiscalstimulusoutofChinamayormaynotbethekeycatalystsforthislatestbullmove.AlsopossiblyatplayarerenewedbiginflowsintotheU.S.-basedspotbitcoinETFsandthesurgeinpredictionmarketsforthepresidentialelectionchancesofcrypto-friendlyGOPcandidateDonaldTrump.
Thedaysaheadarelikelytobebusyones,includingwhatpromisestobeafrenziedendtotheU.S.electionseason,theelectionitselfonNov.5,aFederalReserveratedecisiononNov.6andtheU.S.OctoberemploymentreportonNov.8.
Thislatestmovehigherbringsbitcoin\'syear-to-dategaintoabout65%.GoldandtheS&P500,bothofwhichhavebeenregularlynotchingnewrecordhighsoverthepastweeks,areahead32%and24%,respectively.
coindesk.com