Bitcoin is currently consolidating bullishly above $23,000 following a quite remarkable month that saw it eclipse its previous all-time high of $20,000.
The world’s largest cryptocurrency has catapulted itself into the mainstream amidst an increase in institutional demand from the likes of MicroStrategy and Ruffer.
MicroStrategy CEO Michael Saylor revealed how the company holds 70,470 Bitcoin, equivalent to $1.63 billion, with an average purchase price of $15,964.
From a technical perspective, Bitcoin met its first hurdle of $24,400 on Monday. A breakout above this level would indicate a period of prolonged continuation to the upside, with liberal targets being set at $35,000.
However, as regulators begin to keep a close eye on the asset class, short-term pull backs to as low as $20,500 may be on the cards.
The two recent daily candle closes indicate that a local high at $24,400 may be in place, although considering Bitcoin has already gone on to test $21,800, it may have already exhausted its momentum to the downside.
Going into the new year it is impossible to deny that Bitcoin remains bullish on all macro time scales, with the prior high at $20,000 now becoming a key level of support moving forwards.
Short term price targets have emerged at $26,500 and $29,250, however it’s worth noting that price action may move rapidly past these levels as institutional demand continues to increase.
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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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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.