The price of Bitcoin has continued to rise today, nearing today’s record highs, and then climbing to new highs.
According to CoinDesk, the world’s most valuable cryptocurrency rose to $67,777.70 at market value at around 18:15 Eastern Standard Time.
At that rate, digital wealth has grown by more than 134% this year, according to additional data from CoinDesk.
Since hitting its last record, Bitcoin has declined slightly, approaching $67,000, but has never reached that level.
It recovered in less than an hour and climbed back up to nearly $67,750.
Since then, the digital currency has been trading near this price level, costing around $67,500 at the time of writing.
[Editor’s note: Investments in cryptocurrencies or tokens are highly speculative and the market is largely unregulated. Anyone considering this should be prepared to lose their entire investment.]
Today, several market watchers are talking about a bitcoin-based technology model called Brupenant. This was originally mentioned in a Cointelegraph article.
“The pennant test is a technical trading model that marks the continuation of a sharp rise in price,” says an information leaflet on IG’s website.
“They form when the market is rising significantly, stopping and converging between converging support and resistance levels,” the publication said.
“Technical traders see this as a sign that the initial move up in prices will resume,” he added.
As a result of this formation, according to some technical analysts, digital currencies may have a place to develop.
Sean Rooney, Head of Research at Valkyrie Investments, spoke about it today, saying that Bitcoin is “actually a bullseye structure” and is moving in the direction of its freshest and best.
“If brupenant currently operates on traditional technical analysis, BTC will likely operate at $70,000 in the short term,” he added.
As a result, the digital currency could experiment at $70,000 in the near future.
Greg Weissman, co-founder and chief operating officer of global payments network Mercuryo, also spoke about the situation.
“Bitcoin’s valuation is clear, as the chain market chart shows,” he said.
Wiseman emphasized that market dynamics can create a bearish trend at any time. But if that progress isn’t achieved, “several indicators suggest that the ongoing Brulan isn’t ready to take a break just yet,” he said.
After highlighting the above, Wiseman helped develop other technical indicators and provided additional context.
He stated today that the convergence and divergence of the Bitcoin Moving Average (MACD), a technical indicator that helps show wealth dynamics, is at stake.
Wiseman also said that Bitcoin’s relative strength index is around 65, below the level of at least 70, and should be considered “overbought”.
As a result, he said “there is still room” for bitcoin’s price.
Bitcoin has a “serious place to go”
According to David Schwartz, project manager at the Litecoin Foundation, the world’s most popular digital currency could rise even further in the coming weeks and months.
“I think there’s a serious place to do this in the next 6-12 weeks,” he said.
“I feel like I was programmed through pin accumulation and slow climbs,” Schwartz said of the model that has shaped Bitcoin over the past few months.
The digital currency hit a series of highs this year, rising to around $65,000 in April, nearly $67,000 last month, and nearly $68,000 today.