Bitcoin about to bust down the door at $10,000!

in bitcoin •  5 months ago

Bitcoin is testing a key psychological resistance level at $10,000.

For a long time $10,000 was looked at as somewhat of a pie in sky lofty number that bitcoin would some day reach.

Much like $100k or $1 million is looked at today (depending on who you are, cough cough McAfee).

Then, when prices first broke that $10k number in late November of 2017 it was finally a reality.

Today, we are looking at breaking that number again to the upside.

This coming after hitting a high near $20k in December and then falling all the way to $6k over the last 3 months.

In South Korea and Hong Kong, bitcoin has already breached that $10k number this morning. Will the US be next?

The charts look to be saying yes!

(Source: https://bittrex.com/Market/Index?MarketName=USDT-BTC)

Honestly, to me that chart looks like it is going to make a massive run and break that previous all time high, but that may take some time to play out, or it could happen in a few weeks like it did back in December.

What's causing the rally?

According to BKCM CEO Brian Kelly, this is just the beginning of the price surge and it is most likely being caused by the announced from Goldman Sachs the other day that they will be opening a bitcoin trading desk.

In his opinion Goldman is just the tip of the iceberg and more banks will be following their lead in the very near future.

Also the fact that regulators have stated lately that bitcoin is definitely not a security seems to have removed some of the regulatory uncertainty surrounding it.

That seems to have reassured some investors that were currently on the fence.

To put it even more bluntly, Charlie Shrem declared on twitter that:

"May 2018 will be the last time we ever see bitcoin under $10,000"

(Source: https://twitter.com/CharlieShrem/status/992109375555858433)

Not sure about you, but I like the sound of that!

How will this affect steem?

The only downside for steem and altcoin investors is that there is a possibility that if btc were about to go on a major run, it could pull funds from other coins.

It has happened on at least 2 other occasions in 2017 alone.

If that is the case could we see a sizable pullback in altcoins in the near future?

It's certainly possible, but even if that is the case, history has shown us that once bitcoin slows or stops running that the new found wealth often makes it's way back into altcoins, pushing them up higher than they were previously.

Which means, even if steem and some of the others experience some near term weakness due to the btc run, we could see them rally to new heights once bitcoin slows down and that money starts to seek out new investments.

Which means, overall, a bitcoin rally is good news for the entire sector!

Stay informed my friends.

Follow me: @jrcornel

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We might get a monstrous rally here as $10,000 gets torn up like a tissue at a snot party. However, the margin longs on Bitfinex have been building up steadily since $8900.

I'd be careful here, this could go either way:

bitcoin

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Good point. Usually, though not always, when everyone is on one side, the price goes the opposite direction. Though, "this time is different" of course. :)

bitcoin is the first who took the arrow shot, and many altcoins learned from that lessons, though i considered bitcoin as a commodity other than anything like security or a payment system for right now it's not possible as a global currency if the scaling is still a problem.

why is steems price not climbing as well?

breaking this resistance will be a great long awaited for relief for many folks. We need it to hold above those levels and actually to solidify a position above the current 3 month high of 11000 ish. there was also major resistance around 12500 last time we reached beyond 10k

I don't have much invested in bitcoin but if it helps Steem go up i'm happy. I'm hoping for a spike beyond 10 and 12 k but that may mean we are setting up for another downturn

We need to keep building the Steem community and show it has real utility. It has the opportunity to stand out from other alts as we have an actual community. By all means power up, but look for ways to buy stuff from other users. You get to spend what you earned here and others get to boost their accounts.

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That is a great point. It doesn't seem right that it sits around number 30 on coinmarketcap.com currently. I could name at least 15 other coins it should not be behind.

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I think it still has to prove itself, even though we know it works. I hope to see new developments from Steemit Inc sub to help that happen

Sounds great. I hope this rally continues.

Next stop $100,000!!!

This would be really welcomed getting back to 10k should prove a point to many which hopefully tempts the masses back :D

I guess that the only point when Bitcoin will pull funds from the altcoins will be when lightning network will get launched, until then, altcoins are moving up faster than BTC, at least so I think :D

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That has been the case the past month for sure, though I am not sure that trend continues from here.

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It is true, nobody knows what will happen from now on, except the market itself.

I hope it moons soon!

I expect bitcoin should go above $10,000 any moment now. Once it gets solidly above $10,000, the next real resistance is at about $11,700. If bitcoin can break through $11,700 decisively, it will complete a reverse head and shoulders pattern and could go from there to about $16,700.

Check out this chart.

bitcoin cole 0518.jpg

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Yes .. you are right may be .. then sbd price also high .. will be 15$ . ?

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In the long run (years), I think Steem Power will be worth $100.

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Please do not be so pessimistic... I see after successfull SMT-release the price of Steem at a 100 bucks, and in the long run at 300-1,000 bucks!

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I'm not being pessimistic, but you have to go to $100 before you can go even higher. I don't discount the possibility of SP being worth substantially more than $100 if the platform is widely adopted.

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The chances are very high .. as per prediction on Auguest btc touch his highest mark and as well as steem and sbd also.!

sell or hlod?

It's still oscillating between $9500 and $9800. I think it will be a couple more weeks before it really breaks through.

has been knocking and knocking ...may pull a bit before it runs!

I can't wait to see it. I'm positive the next years to come will be year for cryptos. Banks have lied to people long enough and it's time to give people their own money.

The $10,000 Bitcoin barrier has long been held as the psychological breaking point of the cryptocurrency. In a statement made before BTC’s historic price run last year, CryptoCompare CEO Charles Hayter referred to the $10,000 mark as a “seminal moment”.
“$10k represents the closing of the second cycle in Bitcoin which has drawn the interest of institutional investors who have so far been constrained from trading by their remits. This is starting to change as more sophisticated and regulated instruments are made available. This will lead to Bitcoins third cycle.”
The re-crossing of the $10k Rubicon is set to reaffirm the truth lying dormant in the hearts of HODLers around the world— Bitcoin is here to stay. Casual investors observing the market are now poised to enter the fray in order to capitalize on a “second chance” at the dazzling profits generated during December ‘17, adding momentum to the positive swing.

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I agree with his thoughts here.

The reason bitcoin bull run will over $10k for long time
It’s no secret that the volatile cryptocurrency market currently lives and dies by the hand of mainstream media news. With so many news outlets spreading “FUD” or fear, uncertainty, and doubt during the first quarter of 2018, cryptocurrency market values have been on the ropes.

Bitcoin’s strong return to $10k, however, sustained by a rapid rise on the back of investor confidence, will likely swing the mainstream news media back to a tone of positive astonishment and drive more capital back into the Bitcoin market.

A major driver for Bitcoin’s 2018 bull run will be adoption. Coinbase announced the launch of a new merchant solution that will allow businesses to accept cryptocurrency on the 15th of February, facilitating the use of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin as an everyday payment method:

“Our mission at Coinbase is to create an open financial system, so we’ve designed this solution to serve merchants worldwide.”

The ability to use Bitcoin as an everyday payment method combined with the dramatic increase in transaction efficiency promised by the Lightning Network will create the perfect storm for widespread consumer adoption, turbocharging BTC into its longest bull run yet.

very great!I like your sharing

GO BITCOIN GO!!!

We are only back at the linear level from December 2017, we still got a long way to go, but up up we go. Nice post thanx.
https://steemit.com/bitcoin/@goldmine2018/bitcoin-will-hit-usd10k-but-is-this-a-high-value

bitcoin will break the 10k and it will reach the top again in June:)

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Auguest ... 😊😊

It is very useful for the people of the world to know a very remarkable view of Bitcoin and how global market persaiangan current various efforts made for a convenience. Thank you @jrcornel
An extraordinary preparation of extraordinary preparations takes place but is not a very difficult thing. To change the global masar higher, all sectors are controlled by the inverters to win the global market.



wish that was true, but dont think it will be

@jrcornel is a great analysis. I hope Bitcoin will take emotional steps in the next few days. I think Bitcoin is not going to take emotional steps in tomorrow. We thank you for this post
DQmTTrv5dtJTS9RaYBuVCok79xJbED97RLYt354UcSDCgQj_640x480.jpeg

We need to wait a bit more as it psychologically level I'm sure that once it's will break we will get very fast to much higher prices

FOMO is setting in.

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Yeah, I'm very pleased to see what the crypto market is doing lately. It's not this manic volatility we saw late last year. Seems to be steady and solid gains for a couple months now. I certainly wouldn't mind another moonshot, but I know that the movements we see right now aren't as likely to crash 50% either.

I personally think the value increase of Bitcoin will just spice up the markets. Trading volume has been close to zero for so long that it's time for big improvement. I expect to see bigger fluctuation in altcoin values than during last 4 months or so. We all still remember the big fluctuations that happened in early January 2018.

Agreed .... 10k is a big level to be in... there might be some resistance near 11.5k.... but overall 2018 should be 25k for BTC
https://steemit.com/bitcoin/@cryptoaritra/bitcoin-bear-market-is-over-what-is-next

I don't worry for STEEM, because it has such low volumes anyway and only a slight increase of volume will push it upwards.

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True. All it would take is one large investor getting involved and the price perks right up.

I can't wait to see what magic number $$$ we are going to hit in September/October this year. More investors flooding into bitcoin than fleeing for certain.
You can bet you grandma's teeth on it, I did.

This is a good new to me cos I have been at a huge loss since the value of Bitcoin reduced drastically.. At least I'm a bit happy now.

Thank you for this post @jrcornel

I hope bitcoin will make impulsive move in next few days & bitcoin owners will enjoy their lives I think not only bitcoin #steem will make impulsive move in next few days and we will enjoy thanks @jrcornel for this post & great analysis.

Great post .. I just want to one thing that sbd again touch 15$ or 20$... 😊😊

Time and time again when BTC goes up we could see Alts react but one thing is for sure, as more institutional investors pour in because of the dollar decline, cryptos will like the Internet will bloom because it is easy and fast to do in terms of earning it @jcornel

If it keeps this resistance level, I can assure you are at the door of long a listing up trends,
I was reading a post in which it was written that bitcoin is trading above 10000 in some Korean exchanges.

It's hell of a good sign sir!

I think assets like Bitcoin which get pass regulatory concerns and have a working platform that are executing in their roadmaps will outperform the market, including Bitcoin. The top 20-30 assets will start to set themselves apart from the rest soon.

Lets build SteemIt great together!

Right now we are building a new Anti NWO token that earns owners revenue. Imagine earning ETH on the NWO defeat, that is what we want to do! Feel free to check us out.

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In my humble opinion the Consensus event will be the catalyst for a bull run, until then bitcoin will probably hover just below $10,000. Bullish on Ethereum in the short-term!

Bitcoin first broke the $10k ceiling on the 29th of November last year and, after a short 24-hour feeding frenzy that saw prices shaved back down to a little over $9k, soared to $17,000 in a little over one week. Bitcoin has remained impetuous over the course of its tenure as the reigning king of the crypto market, defying prediction and exploding in breakout runs without warning.

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Will history repeat? Personally I think we break those highs, but I think it happens much slower this time around.

I think it's probably going to fall back to 9k, just to gather some volume first.

When it blows, I'm also putting my money in ETH and XRP.

I want to see you. where you live?

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