Today Bitcoin smashed through the $5,000 barrier to set a new all time high of more than $5,200. Back on September 1 this year, the price went just above $5,000 for a brief time, only to fall back below $4,000 later in the month.
Earlier this week, Bitcoin analyst Tone Vays predicted that the price was on the verge of an all time high, but that it must go above $6,000 and preferably $7,000 for $5,000 to act as strong support in the case of a fall. If it were to only go to $5,500 and turn around, $5,000 would not act as critical support and things could get ugly.
At the time of writing, the price is sitting just below $5,200. Strap yourselves in people, because either way, the ride on this Bitcoin rocket is about to get wild.
Bitcoin to the Moon is a blog dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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