Breakout in BTC, seeing if ETH can follow. pic.twitter.com/zshZXwqpkr
— Andrew Thrasher, CMT (@AndrewThrasher) October 20, 2021
Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). The chart shows the two largest Cryptocurrencies, Ethereum (left) and Bitcoin (right). Bitcoin broke out to an all-time high today for the first time in six months. As of writing, it’s trading solidly above $66,000. Andrew points out that Bitcoin’s little brother, Ethereum, is attempting to do the same, as it flirts with the former highs around $4,300. Both Cryptocurrencies “corrected” more than 50% over the past six months, and they’ve both built solid bases to launch higher from. Previous breakouts to all-time highs for Bitcoin were followed by triple-digit percentage gains. In that context, Bitcoin $100,000 isn’t as unrealistic as it might sound, as that’s only 50% higher from here. Given that Bitcoin is the largest Cryptocurrency this move bodes well for the entire Crypto space. Keep an eye on Ethereum in the near term, and some of the smaller alt-coins like Solana and Cardano.