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Bitcoin Breaches USD 16,000 For The First Time Since January 2018

By Linas Kmieliauskas
Bitcoin Breaches USD 16,000 For The First Time Since January 2018 101
Source: Adobe/grejak

Today, the most popular cryptocurrency, bitcoin (BTC), surpassed the USD 16,000 level for the first time since January 2018, getting closer to its all-time high of USD 20,000.

BTC was above USD 16,000 for around half an hour before correcting lower and later jumping above USD 16,170. At pixel time (18:00 UTC), BTC trades at USD 16,016 and is up by 1% in a day and 6% in a week. The price jumped by 41% in a month and 83% in a year.

It took a week for BTC to increase from USD 15,000 to USD 16,000. Other major coins are in red today, dropping up to 7%.

BTC price chart:

Bitcoin Breaches USD 16,000 For The First Time Since January 2018 102
Source: coinpaprika.com

As reported last week, according to Northman Trader founder Sven Henrich, as long as BTC can remain above the breakout trend line it has "significant technical room higher."

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"Also note BTC is showing some retracement action and has room lower for a potential retest of the trend line. But note that inside the larger wedge consolidation a potentially much more bullish pattern has emerged, that of a potential inverse which would point to near [USD] 17,000," he said.

"Over the past few years, we’ve been waiting to see how crypto would make the leap forward to the mainstream, wondering what it would take to catapult it over the chasm. We found out the answer just this month," Matt Hougan, Chief Investment Officer (CIO) at Bitwise Asset Management, argued in a commentary this week, reminding of PayPal crypto news, bullish statements by JPMorgan, among other drivers.

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Source: bitwiseinvestments.com

"In the coming months, we expect to see major banks launch crypto custody services, and brokerages open up access to crypto products; we expect to see retailers proudly displaying “we accept crypto” signs; we expect large institutions to start building major applications on public blockchains; and we expect investment conversations to transition from “why should I invest” to “why aren’t we already invested?” he said, adding that the "next six months are likely to change the game."

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(This article was updated at 18:00 UTC to add the latest price information, new tweets have been added).

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