%Bitcoin (CRYPTO: $BTC) just hit a new all-time high, and at least one chart suggests an additional 30% upside for the largest %Cryptocurrency by market capitalization.
The price of Bitcoin rose 2.4% on July 9 to touch a record high of $112,021 U.S. before pulling back to trade at $111,123.20 U.S.
Now, the daily price chart of the %BlackRock (NYSE: $BLK) spot Bitcoin ETF, known by its ticker symbol IBIT, shows a continued breakout and further gains of up to 30%.
Another 30% rise in Bitcoin would put its price above $140,000 U.S.
BlackRock’s Bitcoin ETF, which closely tracks the spot price of BTC, rose 3% on July 9, briefly surpassing its May high of $63.70 U.S. and confirming a breakout seen early this month.
Chart analysts say that the current breakout shows that the IBIT ETF has ended a period of consolidation and that an uptrend from April lows of this year has resumed.
Price breakouts typically lead to big rallies, with chartists now saying that Bitcoin’s price could rise at least another 30% from current levels.
Recent data shows a growing number of options traders are taking out bullish bets that the price of BTC will top $130,000 U.S. between now and September of this year.
Bitcoin’s latest move higher has helped to lift other cryptocurrencies, with %Ethereum (CRYPTO: $ETH) gaining 6.6% in the past 24 hours to trade at $2,777.50 U.S.
Bitcoin has now risen 19% this year, outpacing the 7% rise in the benchmark S&P 500 stock market index.
