Bitcoin Is Over $10,000 63 Days and Counting
Bitcoin’s price remains strong and is proving that the bulls hold the current advantage.
After surging above $10,000 in late July, bitcoin remains there for 63 days and counting (probably more by the time you’re reading this).
Bitcoin’s price even spiked to over $12,000 in mid-August and touched the $12,000 price mark again at the start of September.
Despite any negative sentiment in headlines and financial news related to bitcoin, the world’s largest cryptocurrency is favoring the bulls.
Bitcoin Favors the Bulls in 2020
Bitcoin bulls ought to be happy right now.
September 2020 has been a major test for the cryptocurrency, seeing it’s price teeter between the $10,000 and $12,000 marks.
Even with bitcoin falling extremely close to that $10,000 price point in the first two weeks of September, it has managed to remain on the higher side of $10,000. The bitcoin bulls are out in full force.
Bitcoin holding above $10,000 for 63 days and counting has to favor the bulls. 2020 has been a major test for bitcoin and the bulls are winning out.
Bitcoin Is Less Volatile Than Tesla
CoinDesk reported that bitcoin’s price action in recent months has been less volatile than Tesla stock. It’s a notable comparison.
Both Tesla and bitcoin are one to grab headlines and garner attention when their prices move. Bitcoin is seeing more stable, smaller daily percentage moves than Tesla. Bitcoin is also widening the volatility gap between the two.
Where Will Bitcoin Go Next?
Bitcoin bull Anthony Pompliano called out the price price action earlier this week via Twitter. Pomp said that the market is proving bearishness.
So far, bitcoin’s price is backing up the claim. We’re approaching 64 consecutive days of bitcoin’s price above the $10,000 mark.
So, what’s next for bitcoin?
Some Predict a Major Spike in 2021
Many bitcoin bulls are calling for prices to reach as high as $100,000 by this time next year. PlanB is among those bulls and is constantly checking in on the price action.
Bitcoin’s ability to stabilize and hold above $10,000 shows promise for the coming months. While we may see it remain within a tighter range through the end of the year, look for larger moves in 2021.
The next big news item to watch out for this year is the US Presidential election. No matter who wins the election, financial experts are trending bearish on the US dollar.
We likely won’t see the election impact bitcoin’s price too much either way in the short term, but bitcoin is gaining momentum over time and more quantitative easing related to the global pandemic and financial crisis could favor crypto next year.
Momentum Is Building for Bitcoin
The more days that bitcoin remains above $10,000, the more likely the bulls will win out. $10,000 has been a psychological barrier for some time and bitcoin is living up to the challenge.
There is real momentum building for bitcoin and there aren’t signs of that changing in the short term. The global pandemic, quantitative easing, and increased mainstream adoption are all keeping bitcoin on the side of the bulls.
Bitcoin continues to build momentum simply by decreasing its price volatility. Add increased mainstream adoption on top of that and you’ve got a recipe for growth. Some are calling for a bitcoin price as high as $1 million. That might not be realistic right now, but the sentiment behind such bold predictions should not be ignored.
There are several bullish indicators for bitcoin.
MicroStrategy’s move to buy $250 million worth of bitcoin is huge. That’s just one of many paving the way for greater bitcoin and crypto bullishness. Odds are that as you’re reading this, bitcoin’s price continues to remain above the $10,000 price point. Let’s see how far it can take this consecutive day streak.
Thanks for reading! I am not an investment or financial advisor. This is not financial advice. All opinions expressed are mine alone. If you want more content like this, sign up for my weekly email.