Bitcoin is moving into the weekend at dizzying heights of $16,200 following a quite remarkable past fortnight of price action.
The world’s largest cryptocurrency is on the brink of testing its all-time high of $20,000, although investors should proceed with caution considering how it has risen so violently without a major correction.
At the time of writing Bitcoin has surged by 57.3% since October 4, going on to set weekly and monthly candles at their highest points since the 2017 bull market.
While there are many similar themes to 2017, notably a perceived increase in institutional investment, this recent move seems far more organic without the hype-driven moves that the ICO bubble brought.
A sell-off is expected in the coming weeks, with the level of support $13,850 seeming like the most likely stopping point.
However, unless Bitcoin breaks below $12,500 on higher time frames, it remains in an extremely bullish posture as we move into the final weeks of the year.
It’s worth noting that Bitcoin slumped to a devastating low of $4,000 in March, but as fears around coronavirus have quelled, the 11-year old cryptocurrency seems to be on the brink of something spectacular.
Those who follow the stock-to-flow model have been openly forecasting outlandish price predictions in 2021, with some suggesting that $100,000 per Bitcoin isn’t out of the realms of possibility.
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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.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
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