Chart of the Day - Friday, October 15th, 2021

Today’s Chart of the Day was shared by Pratty Tulsian (@PrattyCharts). It's a weekly candlestick chart of Bitcoin over the past five years. Pratty points out that Bitcoin is on track to close at a fresh weekly all-time high. Why do we care so much about all-time highs? Because when price is in blue sky territory, nobody is showing a loss and there's virtually no overhead supply to prevent it from moving significantly higher. Bitcoin peaked in April at around $63k and fell more than 50% over the next three months. That massive decline did a lot to wash out some of the frothy sentiment that existed. Since then, it's built a solid six-month base to launch higher from.