Since crashing below $5,000 in March this year, the Bitcoin price has climbed steadily. That is, until thirty days ago, when steady morphed into parabolic, with Bitcoin rocketing from $11,300 to $18,000 and rising.
Such a BTC price has not been seen since the peak of the 2017 bull market on December 19 of that year. The difference this time is that the market is far more mature, with huge leaps forward in terms of community, business and technology that have been built in and around the Bitcoin ecosystem.
To put this current price surge in perspective, let's take a look back in time...
In 2013, the year after the first Bitcoin block reward halving, the price rose from $13 to $1,000. This was followed by a bear market, where the price dropped to $200 during 2015.
In 2017, the year after the second Bitcoin block reward halving, the price rose from $1,000 to $20,000. This was followed by a bear market, where the price dropped to $3,200 late in 2018.
This year, the third Bitcoin block reward halving took place. As 2020 draws to a close, Bitcoin is knocking on the door of $20,000 once again. In 2021, do you think that the previous price pattern of 2013 and 2017 will repeat, but this time with a substantially higher starting point? I do. Bitcoin to the Moon!
Bitcoin is back above $10,000 for the first time since September 23rd 2019, when it dropped below that point after a surge beyond 12k.
$10,000 is a strong psychological price level for those on both sides of the market. It instills confidence in holders of Bitcoin, while creating a fear of missing out for those yet acquire some.
If Bitcoin can spend time consolidating above 10k, it will build a foundation from which to launch to much higher prices. Bitcoin to the Moon!
Boom! The Bitcoin rocket went parabolic today, blasting from the low 11,000s through $12,000 and onwards, falling just short of $13,000. While the price has dipped slightly since then, BTC is still showing strength and appears to be building for another push higher.
Above, you can see the current move compared to the Bitcoin bull run of 2017. Once again, the angle of the surge is nearly vertical. Strap yourself in, coz it looks like we're in for a thrilling ride. Bitcoin to the Moon... all aboard!
Bitcoin is on a tear today, smashing through $10,000 and now $11,000, with no signs of slowing down. This latest move, means that BTC's value has more than tripled since its yearly low in February.
The mood amongst cryptocurrency enthusiasts is reminiscent of the 2017 bull run, which reached a point where daily $1,000 moves upward were expected. This time, however, the expectation is for a much higher level to be reached. While such gains are by no means a certainty, the belief in a significant new all time high has Bitcoin history on its side.
Will the dream become reality? In my view, yes. Bitcoin to the Moon!
Bitcoin's move from $9,000 to breaking the $10,000 barrier has been swift, and led to an immediate surge to just shy of 11k. After a slight dip from that point, BTC is now consolidating around $10,700.
If what happened from here in 2017 is anything to go by, then the stage seems set for a monster bull run to a new Bitcoin all time high. The difference being that this time the fundamentals of BTC, and infrastructure built around it, have advanced significantly. Throw into the mix, the announcement of Facebook's crypto project, Libra, and it appears that the perfect storm is brewing for the original cryptocurrency, Bitcoin, to go where it has never gone before.
Bitcoin smashed through $9,000 just moments ago and is still on the rise as I type. This comes after a couple of previous attempts over the past three weeks, the second of which, saw the price plummet by $1,100. The recovery from that point, demonstrated the strength of the present BTC market, with a base established for the current push upwards.
During the 2017 crypto bull market, once Bitcoin broke the $10,000 barrier, the move to $20,000 was swift. Right now, if Bitcoin gets to 10k, increased awareness will see an even greater mainstream media frenzy than last time. The fear of missing out that this will create, combined with a huge increase in the quantity and capacity of Bitcoin onramps, could see unprecedented numbers of new investors piling in. Then... you do the math... Bitcoin to the Moon!
The resilience of Bitcoin is on display for all to see, as the number one cryptocurrency continues to hold the line at the 8k level. Despite a dip back to $7,200, BTC rebounded just as quickly to retake $8,000. In the few days since then, the price has managed to hold, shrugging off moments of downward pressure.
May has been a huge month for crypto, seeing bullish sentiment return to the market, with Bitcoin leading the way, rallying from the low 5,000s to beyond $8,000. The next question is, will time spent consolidating around 8k, give Bitcoin the platform required to take the next step up to 9 or 10k, or will it lose momentum and move down?
In my opinion, the strength and consolidation we're seeing in BTC is creating the perfect scenario for a push to higher prices. And when Bitcoin moves, it will take the rest of crypto with it. Particularly the well established, top tier coins. So yes, I'm bullish. Bitcoin to the moon!
While many thought that $6,000 or $6,500 would prove to be significant resistance points for Bitcoin, this has not been the case. Bitcoin blasted through both of those levels and has done the same with $7,000.
Fear of missing out is kicking in for those who were waiting for lower lows in the BTC price, anticipating a buying opportunity at $1,000 to $2,500 that never came. Bitcoin has once again demonstrated its unpredictable nature, rising regardless of well thought out theories, negative news stories, political opposition and the hacking of a major exchange.
The honey badger of money don't care... Bitcoin marches on to its own beat. Keep going BTC... to the moon!
Since the November 2018 crash from 6k, Bitcoin has languished in the 3 to 4k range. That is, until last week when the price surged from $4,000 to $5000. The 5k mark stuck and now BTC has taken the next leg up to $5,250. This move has finally brought some bullish sentiment back into the crypto space.
Optimism is in the air, with a notable increase in Bitcoin online searches, social media posts, content creation, exchange speculation and record CME Bitcoin futures trading. Added to that, from a technical analysis perspective, BTC has moved above the 200 day moving average, which is historically a very bullish sign. As this list of positive happenings builds, the chorus grows louder and louder, that this is the beginning of Bitcoin’s next bull run. Exciting stuff to ponder, considering that the last bull market saw Bitcoin reach an all time high of nearly $20,000 in December 2017. The return to that high and beyond is a day that many investors long for.
So can we say goodbye to the bear market and expect the Bitcoin price to continue moving upwards over the coming days, weeks and months? While there are growing signs that this may be the case, some still caution that Bitcoin has further to fall. Proponents of hyperwave theory believe that the price must decline to $1,000 or lower, before a climb to a new high can commence. While some Bitcoin maximalists take the view that altcoins, such as Ethereum, must die before the bear market can be declared over.
In my view, it is most likely that the bottom for Bitcoin is in, and these are the early stages of a new bull market. Bitcoin to the moon!
Bitcoin has been in a downward spiral over the past couple of weeks, with the price falling from the 6,000s to the 5,000s to the 4,000s and now to the 3000s.
After holding steady for so long in the $6,000 range, many had got comfortable with the stability of the price. BTC had become like the ultimate stable coin. Not so now, as even some long time holders have started to sell, fearing a further price collapse.
For those who invested more than they could afford to lose, selling is an understandable reaction to a sudden fall, after a sustained period of market strength. This is why I repeatedly say, "Never invest more than you can afford to lose." That way, you can afford to hold your Bitcoin, no matter how low the price may go. In a worst case scenario, you can still pay the bills without losing a single Satoshi of your Bitcoin position.
So if you're entering the BTC market now, or increasing your position as the price falls, keep in mind what I have just said. Bitcoin could still go lower and the price may not rebound for a considerable period of time. No one knows for sure. Don't put yourself in a position where further price drops or a sustained bear market force you to sell because you're overextended. Be a wise investor, not a gambler.
Personally, I believe that Bitcoin will eventually return to all time highs and beyond... to the moon! Nothing has changed in terms of its fundamentals and the technology being built around it and to support it. Better days are ahead. Stay strong.
Bitcoin to the Moon is dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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