Leading crypto Bitcoin finally breached the $64,900 price level to set a new price record above $65K. The BTC/USD trading pair spiked ahead of the US trading session and has sparked celebrations across social media. For instance, MicroStrategy CEO Michael Saylor suggested that:
“The halls of eternity echo with the cries of those who sold their Bitcoin.”
This new price caps off a monumental week for BTC, seeing the popular digital currency outperform several major fiat currencies. In addition, Cointelegraph says that there are expectations for BTC to surge even higher in the coming weeks and months. However, the site said there would be several retracements to establish new support levels. This also means that prospective bullish investors and traders will have several promising opportunities to enter the market as well.
In addition, the highest estimates for the short term currently revolve around as much as $300,000 per Bitcoin. Plus, various data sources suggest that BTC may continue to outperform the altcoins for the time being. Subsequently, popular traders cautioned against focusing on altcoin-heavy portfolios. For instance, a statement posted on Twitter read:
“So many alt/btc pairs look like they want to break down $ETH/$BTC at dynamic long term support line$SOL looks like it’s in a bear flag. Many have made macro LL’s…This is great because of the ability to compound riding BTC up to new ath then alts back up. 2 for the price of one.”
BTC is currently trading at $66,644.
Image Credits: Pixabay
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