Tuesday, October 19, 2021
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Bitcoin Breaches USD 16,000 For the First Time Since January 2018

For the first time since January 2018, Bitcoin (BTC), has surpassed the level of USD 16,000, moving even closer to the high of USD 20,000.

As Crypronews.com reported, for about half an hour, BTC was above USD 16,000 before lower correction. At 10:39 UTC, BTC trades at USD 15,923 and has grown by 3% a day and by 10% a week. The price jumped by 41% in a month and 83% in a year. 

As reported last week, according to Northman Trader founder Sven Henrich, as long as BTC can remain above the breakout trend line it has “significant technical room higher.” 

“Also note BTC is showing some retracement action and has room lower for a potential retest of the trend line. But note that inside the larger wedge consolidation a potentially much more bullish pattern has emerged, that of a potential inverse which would point to near [USD] 17,000,” he said. “Over the past few years, we’ve been waiting to see how crypto would make the leap forward to the mainstream, wondering what it would take to catapult it over the chasm. We found out the answer just this month,” Chief Investment Officer (CIO) at Bitwise Asset Management, Matt Hougan, argued in a commentary this week, reminding of PayPal crypto news, bullish statements by JPMorgan, among other drivers.

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