Bitcoin (BTC) was trading at around $50,500 on Friday, up 1.7% in 24 hours for a month-to-month increase of more than 30%. With a 5% rise, Ethereum (ETH) reached new highs, surpassing $4,000 for the first time. Other cryptocurrencies are also on the rise: Solana (SOL), Litecoin (LTC), and Avalanche (AVAX) have all risen more than 10% in the last 24 hours.
Even as regulatory pressure builds on both the state and federal levels, the surge is bolstering crypto-related equities. On Friday, Coinbase Global (ticker: COIN) was up 2%. A basket of crypto-related companies, the Global X Blockchain ETF (BKCH), was up 4.3 percent. Stockton believes bitcoin will trade to its previous high of $65,000 if it can stage a clear breakout above $51,000, as evidenced by two consecutive daily closes above the level. From current prices, this represents a potential upside of 28%.
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