The granddaddy of cryptocurrencies hits year-and-a-half high
Bitcoin bulls have been as happy as the proverbial “bug in a rug” lately.
On Nov. 9, the digital currency hit a year-and-a-half high of $37,972. Of course, that’s a far cry from its all-time high of $68,906 in Nov. 2021, yet it’s nothing to sneeze at when you consider bitcoin was trading just shy of $26,600 when our September 2023 Global Market Perspective published.
On Sept. 1, the monthly publication showed this chart and said:
The second-wave correction in Bitcoin discussed last month carried over to September but should otherwise be nearing a conclusion…If Bitcoin is tracing out an expanded flat for wave 2, it should end with a low beneath 24800.
Around that time, there were those who thought bitcoin was going to drop way lower than $24,800.
Indeed, on Sept. 8, a headline from The Times in the U.K. asked:
Is a bitcoin crash coming?
Just a few days after that headline published, bitcoin hit a low of $24,901, and as noted, since then, went on to hit that multi-month high of $37,972. That was a 52% rally from the low.
Tony Carrion is our Senior Cryptocurrency Analyst and back in September, he also made a bullish call on Ethereum. On Nov. 9, the cryptocurrency climbed above $2,000 for the first time since April. That was a jump of about 7% versus it’s high the prior day.
Of course, cryptocurrency investors are wondering if the rally will last.
Get a handle on what Tony Carrion’s Elliott wave analysis and the Global Market Perspective anticipate next for bitcoin and ether by following the link below.
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