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Bitcoin hits new record price high, gains $2,000 in hours

Bitcoin hit a new record price high on Wednesday, 20 October, prompting massive gains for Ethereum and the rest of the crypto market

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A report by Independent UK claimed that Bitcoin on Wednesday, October 20, hit a new record price high  prompting massive gains for Ethereum and the rest of the crypto market

Recall that Bitcoin (BTC) passed $66,000 again on Thursday, October  21, after fresh macro turbulence sparked a retest of previous all-time highs.

Also, data obtained by this medium showed BTC/USD recovering from a dip to $64,000 overnight. The move had come in step with a comedown in stocks, which were reacting to renewed concerns over Chinese property giant Evergrande.

However, the cryptocurrency managed to preserve higher levels, resulting in only a brief trip below the $64,900 threshold which had held as the BTC record since April this year.

Michaël van de Poppe told Twitter followers that, “Markets always go higher than the majority expects. Probably what will happen in coming months.”

Analysts explained that the monthly candle for October is already larger than the entire Bitcoin all-time high from December 2017. “If we bounce from here some levels to keep an eye on are around 75k, 87k, and 96k, derived from recent price action using the Fibonacci retracement tool.”

This medium previously reported that Bitcoin price had skyrocketed $50,000 for the first time in three months as investors piled back into the cryptocurrency on bargain-buying.

The data obtained by Techeconomy.ng showed that the largest cryptocurrency by market capitalization, appreciated about two percent to $50,249.15 which is the highest since mid-May.

This showed that Bitcoin has recovered after trading in a range of about $30,000 to $40,000 for many weeks after it plunged from a record near $65,000 in mid-April.

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The Tesla boss, Elon Musk, has since indicated its support for bitcoin, while several other high-profile investors including Twitter founder Jack Dorsey have also flagged their interest.

The data also showed that it has now jumped more than 70 percent from the six-month lows below $29,000 touched in June, and speculation is swirling that it could begin its push towards $100,000.

 

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