The emotions of reaching $10K have changed considerably over time...

$10 000!!!

In November of 2017, this was an incredible milestone, a number many thought was completely irrational and exuberant in the valuation of a cryptocurrency. Many who had bought in the hundreds or even the thousands had achieved incredible gains and went on to brag to friends and family of their wise investment.

Weeks later, Bitcoin surpassed $20 000. $10 000 seemed a distant, fading memory. A bargain to December buyers. Buyers wistfully recalled that time in November when they could snap up Bitcoin at "half price" - should've bought more!

Then, January blew in. Prices crumbled on a broad variety of bad news and seasonal buying and selling patterns. Value of the market tumbled, with Bitcoin leading the descent. Would it drop to $15K? Some were saying it might drop much further! It continued to tumble downwards... 14...13... rapidly to 10... falling further still... eventually below a miserable $6 000. December buyers who had joined in on the Bitcoin craze had about a quarter of what they had invested a mere month before. Bitcoin doubters would sardonically ask their previously exuberant friends, "So, how's Bitcoin doing these days?" knowing full-well what the answer to their query was, but enjoying the opportunity to throw a little salt in their friends' wounds.

Then, the storm waters calmed. First, a little bit of good news around regulation. Then, mentions of more acceptance. Technological roll-outs of advances like the Lightning network. Excitement building again. Bitcoin, rising like a phoenix from the ashes, achieving flight, ascending back towards $10 000.

And here we stand. Where will things go from here?

The sceptic in me suspects that this position at $10 000 will not be retained easily. I expect the market to wrestle with this price point for a while before moving on. We may see dips back toward $8K in the coming days, but may also experience exciting jumps on announcements such as the Coinbase SegWit upgrade, which is arriving soon. The market is still fragile, however, and could see another fall if the right piece of bad news happens to rear its ugly head.

It is interesting how different $10 000 has felt each time that Bitcoin has arrived at the price point. Of course, if you just hodl, it doesn't matter much - in the long term, this phoenix has a long way to fly yet!

*This is not professional trading advice - it's just my opinion!

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