Bitcoin Is Back Above USD 15,000 For The First Time Since January 2018
It took around a day for the most popular cryptocurrency, bitcoin (BTC), to jump from USD 14,000 to above USD 15,000 for the first time since January 2018.
Source: Adobe/RomanVX
At pixel time (16:03 UTC), BTC trades at USD 15,042 and is up by 8% in a day and 12% in a week. BTC rallied by 40% in a month and 60% in a year. Now, BTC needs to jump by around 30% to hit it’s all time high of USD 20,000, reached in December 2017. Meanwhile, other coins from the top 10 club are up by 4%-11% today.
“Bitcoin is the big winner from the current macro environment” Anthony Pompliano, Co-founder and partner at cryptocurrency investment firm Morgan Creek Digital Assets, told Reuters. “As we saw coming out of the 2008 liquidity crisis, inflation hedge assets do very well when the Fed steps in with QE.”
Important message as we enter the next Bitcoin bull market:
— Pomp 🌪 (@APompliano) November 5, 2020
– BTC is very volatile
– You can lose all of your money
– Only invest what is ok to lose
– Twitter is not investment advice
– Don't buy BTC with credit cards
– Keep low time preference
– Do your own research
🙏🏽🙏🏽
As reported by Cryptonews.com earlier today, according to Northman Trader founder Sven Henrich, as long as BTC can remain above the breakout trend line it has “significant technical room higher.”
“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 in his note yesterday.
He added that “a true test for BTC as a hedge against fiat currency destruction” would be if BTC and stocks decouple from each other.
“For example: A drop in equities while BTC races toward the 17K technical target. That might convince to support the argument,” Henrich said, adding that “We’ll likely know more on that front in the next 3 months or so.”
Meanwhile, Mike McGlone, a commodity strategist at Bloomberg Intelligence, said that previous BTC resistance at about USD 10,000 may transition toward USD 20,000 in 2021.
“Certain supply leaves demand as the primary price metric, and most indicators remain positive,” he was quoted as saying by Bloomberg. In October, he said that “bitcoin is on track for USD 100,000 in 2025.”
#Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don't foresee trips up the trend of greater adoption and demand vs. limited supply pic.twitter.com/w742J7bXfC
— Mike McGlone (@mikemcglone11) November 4, 2020
However, Empire Financial Research’s Whitney Tilson said on Wednesday that he still regards cryptocurrencies as “a techno-libertarian pump-and-dump scheme” and recommends most investors avoid them, the report added.
“The once dismissed asset is now acknowledged by traditional finance,” Dave Chapman, a Hong Kong-based executive director at OSL, a cryptocurrency brokerage, told Reuters. “It’s not going away, and it has now been afforded the regulatory clarity from regulators, globally.”
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Other reactions:
Who in their right mind would be selling Bitcoin now?
— Dan Held (@danheld) November 4, 2020
#Bitcoin is leading the charge today. #Gold, #Silver #Stonks everything is up. #USD dumping pic.twitter.com/5LiI7Xn5yJ
— Geopolitics = Gold, Silver, Bitcoin (@Super_Crypto) November 5, 2020
Flying under the radar screen (and especially so when compared to the last big move up), #Bitcoins are up again this morning, trading at $14,429.#markets #investing #investors pic.twitter.com/snvl4Qj92J
— Mohamed A. El-Erian (@elerianm) November 5, 2020
Still no euphoria for #Bitcoin – at least on my feed.
— Pierre (@pierre_crypt0) November 5, 2020
Either everyone is holding alts, doubtful but not impossible, either we're normalizing the corn in the "everyone gets a girlfriend" area. https://t.co/iDswA2vwaO
"Charts don't get much more bullish than that" An occasion where the charts genuinely seem to reflect the underlying fundamentals & sentiment. Something amazing is happening here & price is merely a barometer of change. https://t.co/x81FaNZZEi
— Jason Deane (@JasonADeane) November 5, 2020
https://www.twitter.com/CryptoGainz1/status/1324293711992397824Yes. See the Bitcoin Weekly chart with RSI. These corrections during the 2017 bull run were huge (30-40% indeed). This will happen again, and since Bitcoin is already in the overbought (red) area right now, maybe it will happen soon. Bitcoin has to calm down eventually. pic.twitter.com/At6i4wQPnC
— Bit Harington (@bitharington) November 5, 2020
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Learn more:
Crypto Adoption in 2021: Bitcoin Rules, Ethereum Grows & Faces Rivals
3 Hints Why Bitcoin Might Be ‘Poised for Biggest Breakout Yet’
‘Steady Increase’ in Bitcoin Investment Coming, Not a ‘Flurry’ – CoinShares
Institutionals Might Make Bitcoin More Exposed To Economic Headwinds
