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Bitcoin price action reenters uncharted territory after beating out final resistance before April’s existing peak.

By Cointelegraph | William Suberg – Wenesday October 20th, 2021 – 9AM EST

Bitcoin (BTC) has hit a new all-time high in United States dollars as a long-awaited surge pushes BTC/USD into price discovery.

BTC/USD 1-hour candle chart (Coinbase). Source: TradingView

Bitcoin back in price discovery

Data from Cointelegraph Markets Pro and TradingView showed Bitcoin breaching the $64,900 ceiling in place since April.

On the second day of trading for the hugely popular ProShares Bitcoin Strategy ETF, BTC/USD again surged ahead of the U.S. open — a practice that has characterized the pair in recent days.

On social media, Bitcoin’s best-known names were celebrating.

“The halls of eternity echo with the cries of those who sold their Bitcoin,” MicroStrategy CEO Michael Saylor summarized.

This week has already seen all-time highs for Bitcoin against several major fiat currencies, including the euro.

As Cointelegraph reported, expectations remain for even higher levels to hit in the coming weeks and months, these interspersed by brief corrections to establish new support levels.

The highest estimates for the short term currently center around as much as $300,000 per Bitcoin.

“Bitcoin season” in full swing

Various data supports the idea that Bitcoin’s time to shine will precede altcoins, which continued to suffer against BTC on the day.

Related: BTC price is up 50% since China ‘selflessly’ banned Bitcoin mining

With Bitcoin’s market capitalization dominance at its highest since May — 47.4%, according to CoinMarketCap records — popular traders were already warning that now was not the time to focus on an altcoin-heavy portfolio.

Estimates currently state that the first half of 2022 should produce a turnaround in altcoins’ fortunes.

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