Bitcoin is on the brink of a major breakout above $60,000 on the back of Visa and PayPal’s decision to make digital asset services more accessible.
The world’s largest cryptocurrency, which now has a market cap of $1.1 trillion, has risen by more than 17% since March 25’s low of $50,400.
At the time of writing it is trading at $59,450 as it begins to nudge convincingly towards its all-time high of $62,000.
From a technical level, if Bitcoin is dealt a rejection from the psychological level of resistance at $60,000, it will most likely come back down to re-test the level of support at $57,500.
However, a breakout on convincing volume could trigger a clear drive to a new all-time high, with fibonacci extension levels hinting towards a $72,000 price target.
Bitcoin’s perceived adoption among mainstream payment companies has fueled this recent rally, although it’s worth noting that institutional investment is also at an all-time high, with Tesla investing $1.5 billion in January.
It’s also worth noting that retail attention has been far lower than in 2017, indicating a maturing of the asset class away from the hype-driven ICO bubble.
Sentiment remains frothy and it’s important to point out that throughout its 11-year history, Bitcoin has always fallen from a bull market before reversing into a gruelling bear market that can last for a number of years.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
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