Bitcoin breakout can lead to near-term acceleration, while Ethereum following suit

Key Takeaways

• Bitcoin took the lead in pushing back to new all-time highs on a closing basis Tuesday, coinciding with the successful launch of Proshares Bitcoin futures-based ETF
  
• Initial upside targets for BTC above 65k lie near 72.50k, then 89k, and thought to be definitely within reach on this breakout of former peaks.
  
• Popular Alt-coins like ETH/USD, SOL/USD, DOT/USD, XTZ/USD, BNB/USD look close to their own breakouts, with Ethereum set to possibly make a new all-time weekly high close this week

BTC/USD officially made a new daily all-time high close on 10/19 and has now officially exceeded April 14th intra-day peaks. Technically I expect follow-through to 72.5k, and then 89k which is a 100% extension of the rally up from last March’s lows. My cycle composite projects a run-up into late Nov/early Dec. Bottom line, despite daily RSI having reached the highest overbought levels of the year, it’s right to favor additional gains.

Ethereum breaking out above September highs today (10/20)

Following its recent breakout in Market-cap Dominance chart, ETH/USD looks to gain ground on BTC/USD as prices are just pushing up to the highest levels since May and could potentially set a new all-time weekly high close this week with a close above 3954.01.