Is Bitcoin ready to hit 10k?
Quick market update!
In previous posts I have been writing about the stock market, I would encourage everyone to look at these if you are interested. Since the market has come into a very interesting point, I thought I would adress this.
There are a some graphs that I want to point out. First we have the YTD graph:
Since Bitcoin peaked in January it has been dropping since, everyone here knows that. But if we look at the tail at the end we can see that Bitcoin is now getting closer to the 7-8k mark. This marks a trend shift.
Let's look closer on the last month:
We can see that the price of Bitcoin has turned over the last week sine June 29th (bottom at 5.8k?).
This definitely looks interesting from an investors standpoint. But what I want to show everyone on here is that Bitcoin has tried to breach 10k multiple times since January, and this might happen again.
If we look back at the YTD chart:
Already back in February we dropped down to about 6k, but Bitcoin bounced up to 10k around late February. Since then it dropped down to 6-7k again. From here the bull run kept going until late April (ending at 10k).
What's the takeaway?
The takeaway is that this is not the first time Bitcoin comes into what could look like a bull run. The interesting question is if we are going to break 10k this time around (presupposes that it reaches 10k).
From a fundamental standpoint I think that many investors that came in around January have probably sold off but now, but some are probably hodling. This means that there are more adaptors in total. The more adaptors the less volatile and respected Bitcoin will be. I think these factors will lead to Bitcoin breaking the 10k mark again before 2019.
What do you think?
If you liked this post and would like more crypto, please let me know. Be also sure to check out my other posts.
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