Big Gains for Bitcoin Today. How High Will It Go?

Bitcoin (BTC) is up today and for the week as it climbs higher than most analysts expected and comes close to a new record high. Are we seeing a major bull trend emerge here?

This week’s progress has shocked investors and analysts alike as Bitcoin has managed to gain nearly 10% over the last seven days and 3.40% in the last 24 hours. Now, Bitcoin is up to $67,922 (BTC/USD), just a short distance forma new record high.

Investors should know that the last time Bitcoin managed to climb up to the $67K level was back in July of this year. We are seeing a three month high that could go even higher. Bitcoin remains bullish for Wednesday morning, and the expectation now is that it could hit that record high of $73,750 sooner than anticipated. At the moment, Bitcoin is just 8% away from that mark- less than the distance it has moved in the last week. In other words, if Bitcoin maintains its current momentum, it will set a new record high by this time next week.

Will Bitcoin Pull Back?

The question a lot of investors are asking right now is whether Bitcoin will slow down anytime soon. They want to know how much longer the bull run can go on for so that they pull out in time.

For the past week, Bitcoin has been almost constantly bullish with little slowdown. It has performed well, which makes us expect a pullback very soon, perhaps as soon as later on today. When any crypto coin does so well so quickly, it usually has to stop and pull back a little after a while. We believe that will happen here too, but there is no reason to think that Bitcoin cannot continue on from that small dip and climb even higher.

For months, analysts have been expecting Bitcoin to do something like this and skyrocket past its support level. We could finally be seeing the Bitcoin halving pay off and yield rewards. The coin is also benefiting from further talks about interest rate cuts. The last cut helped the coin gain some upward momentum, and we expect the same from future cuts.