For most of Monday, Bitcoin was attempting to break through stubborn resistance at $66,000, which appeared to be the final hurdle before racking up unprecedented gains.
Bitcoin has hit a new record high — accelerating by 7.36% and heading above $67,000 for the first time ever.
The milestone meant that, for a time, every single BTC owner in the world was sitting on a profit.
BTC's 24-hour performance has far outpaced the likes of Ether on 4.45%, Binance Coin on 0.76%, and Cardano on 5.14%.
It wasn't an easy journey. For most of Monday, Bitcoin was attempting to break through stubborn resistance at $66,000, which appeared to be the final hurdle before racking up unprecedented gains.
Crypto analyst Michaël van de Poppe, who was recently interviewed on the CoinMarketRecap podcast, says BTC supplies among long-term holders is now a key indicator to watch.
In the coming hours and days, the market will be keeping a close eye on whether those who have held onto their Bitcoin for a prolonged period of time opt to exit their positions.
The race above $67,000 wasn't matched by a flurry of large green candles. At the time of writing at 11.50pm London time on Monday evening, BTC had hit highs of $67,673.74 and had retraced slightly to $67,449.
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What's Next?
The latest bullish surge seen across the crypto markets means that the total market cap of all digital assets is now nearing $3 trillion.
Bitcoin's achievement has been made all the more remarkable by how it collapsed from highs of $64,000 in mid-April to lows of $30,000 in June.
A number of analysts are confident that BTC's bull run will last until the end of this year — potentially extending into the first or second quarter of 2022.
Price targets for Bitcoin do vary. While some believe $90,000 is a realistic year-end target, stock-to-flow model creator PlanB has forecast a price of $135,000 by the end of 2021.
As BTC's blockchain nears its 13th birthday, a pattern of four-year cycles has emerged — with the cryptocurrency's value racing dramatically higher in both 2013 and 2017.
On Crypto Twitter, endless charts suggest that BTC remains at an early stage in its current bull run, and still has the potential to go parabolic.
Of course, past performance doesn't always indicate what's going to happen in the future.
