Bitcoin prices have continued to rise today, fluctuating near all-time highs earlier in the day before rising to new highs.
According to CoinDesk data, the world's most valuable cryptocurrency by market value increased to $67,777.70 around 6:15 p.m. EST.
Additional CoinDesk data show that once it reached this level, the digital asset was up more than 134 percent this year.
Bitcoin has retreated slightly since reaching its most recent all-time high, approaching but never reaching $67,000.
It had recovered less than an hour later, rising again to nearly $67,750.
Since then, the digital currency has traded close to that price level, being worth roughly $67,500 at the time of this writing.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Earlier today, several market observers discussed a bull pennant technical pattern that had formed in bitcoin, which was first mentioned in a Cointelegraph article.
According to an informational post on the IG website, "a bullish pennant is a technical trading pattern that indicates the impending continuation of a strong upward price move."
“They’re formed when a market makes an extensive move higher, then pauses and consolidates between converging support and resistance lines,” the post continued.
“Technical traders take this as a sign that the original ascending price move is going to resume,” it added.
According to several technical analysts, the digital currency may have room to grow as a result of this formation.
Earlier today, Sean Rooney, head of research at Valkyrie Investments, stated that bitcoin had "indeed formed the structure of a bull pennant" and was on its way to new all-time highs.
He also stated that "if the current bull pennant holds according to traditional technical analysis, BTC will most likely make a run at $70,000 in the near term."
As a result, the digital currency may attempt to break through the $70,000 barrier in the near future.
Greg Waisman, co-founder and COO of global payment network Mercuryo, spoke about the situation as well.
"The Bitcoin bull pennant assessment is clear, as illustrated by the on-chain market chart," he said.
Waisman stressed that market dynamics can result in a bearish trend at any time. However, if this development does not occur, "several indicators continue to point to the fact that the ongoing bull run is not yet ready to take a breather," he said.
Technical Evaluation
Waisman expanded on other technical indicators after emphasizing the aforementioned points, helping to provide additional context.
He said earlier today that bitcoin's moving average convergence divergence (MACD), a technical indicator that helps show an asset's momentum, was on the verge of a breakout.
Waisman also mentioned that bitcoin's relative strength index was around 65, well below the level of at least 70 required to be considered "overbought."
As a result, he claims that "there is still more room to go" for bitcoin prices.
Bitcoin has a'significant amount of room to grow.'
According to David Schwartz, project director of the Litecoin Foundation, the world's most prominent digital currency could see further gains in the coming weeks and months.
"I think there's a lot of room to run in the next 6-12 weeks," he said.
"I just feel like it's programmed in through the stifled accumulation and slow ascent." Speaking about the patterns that have characterized bitcoin in recent months, Schwartz stated.
This year, the digital currency has reached a number of highs, including nearly $65,000 in April, nearly $67,000 last month, and nearly $68,000 today.
