Bitcoin (BTC) just hit a new all-time high, and charts suggest an additional 30% upside for the largest cryptocurrency by market capitalization.
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The price of Bitcoin rose 2.4% on July 9 to touch a record high of $112,021 before pulling back to trade at $111,151.00. Now, the daily price chart of BlackRock’s (BLK) spot Bitcoin ETF (IBIT) shows a continued breakout and further gains of up to 30%. Another 30% rise in Bitcoin would put its price above $140,000.
BlackRock’s Bitcoin ETF, which closely tracks the spot price of BTC, rose 3% on July 9, briefly surpassing its May high of $63.70 and confirming a breakout seen at the start of the month. Chart analysts say that the current breakout shows that the IBIT ETF has ended a period of consolidation and that an uptrend from April lows has resumed.
Big Rally?
Price breakouts typically lead to big rallies, with chartists now saying that Bitcoin’s price could rise at least another 30% from current levels. Recent data shows a growing number of options traders are taking out bullish bets that the price of BTC will top $130,000 by September of this year.
Bitcoin’s latest move higher has helped to lift other cryptocurrencies, with Ethereum (ETH) gaining 6.6% in the past 24 hours to trade at $2,773.78. Bitcoin has now risen 19% this year, outpacing the 7% rise in the benchmark S&P 500 stock market index.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 34.22% in the last 12 weeks.
