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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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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