Bitcoin Hits $126,000 in Back-to-Back All Time Highs

That’s two consecutive days of all time highs now as Bitcoin tags $126K this morning, inching one step closer to the October target of $131K. The bulls are firmly in control. Sentiment is now deep in the greed zone and quickly approaching extreme greed.

The broader market is just as bullish. Altcoins really picked up the pace yesterday. BNB pushed to yet another all time high over $1,200, Ethereum is nearly back at $4,700 and now less than 6% away from its previous peak, while most other majors rallied over 5%.

So while Bitcoin continues to lead with fresh highs, the majority of altcoins, although showing real strength, are still trading below their all time highs and yet to have their blow off top moment (as Bitcoin arguably hasn’t had either). If that parabolic phase arrives, accumulating quality altcoins that are still lagging behind Bitcoin could offer serious upside, especially if the altcoin market starts to take over.

It is safe to say the crypto markets have finally caught up, joining traditional markets in rallying and printing fresh highs. The frustration of the past month should now be fading. The S&P 500 closed at its highest level in history, the Nasdaq followed, and both major indices continue to show strong risk on momentum. Meanwhile, precious metals, Gold and Silver, are also pushing to fresh highs.

Now, the correlation across these assets is not new, but it is rare for them all to rally at the same time. This time is different. Investors and the public are rotating away from dollars and government controlled currencies as purchasing power erodes, seeking stores of value and vehicles for wealth creation. This is fuelling broad based momentum across markets, whether risk on or risk off.

Stormrake Spotlight: Aster (ASTER) ($2.09)

Aster is up over 10% and has finally joined the broader market rally. Momentum has flipped back to the bulls, and the higher low structure is now confirmed. It is in the process of setting a new high, but to keep this structure intact, ASTER must break above the recent high at $2.30. A move above that would signal a continuation and open the door for a push towards new all time highs.

BTC/USD Key Levels and Price Action:

Bitcoin’s new all time high at $126K was driven by strong support from the 21 EMA, which held and provided the bounce needed for a breakout. With that level intact, the $131K target is firmly in play over the next week. While a consolidation or minor pullback would not be surprising, these are likely to act as short breathers before BTC resumes higher.

BTC Total ETF Flows for 6 Oct: $ + 152.5 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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