Posted 8 months ago | by @devadmin
Bitcoin has broken its all-time high, before quickly falling back down to Earth. After nearly four years of bearish Bitcoin action, we have finally entered a bull market signaled by breaking all-time highs today.
The number one cryptocurrency struggled to get above $19,000 before Thanksgiving only to see a -15% correction. However, Bitcoin quickly bounced back trading in $18,000 range over the weekend, only to break all-time highs on Monday. Bitcoin traded as high as $19,860 on some exchanges according to on-chain metrics.
Although it’s not a large difference from the previous all-time high of $19,783 from December 2017, Bitcoin has finally broken its highest price point set in 2017. This marks a change in the market Bitcoin is finally getting ready to enter a bullish market, and not just a bullish rally. What does that mean? It means the sky is the limit for its price and we have now entered price discovery mode.
This year alone, since Bitcoin’s yearly low in March, Bitcoin has rallied more than 400% until now. This marks another milestone in Bitcoin’s impressive 2020 run which saw a dip of as much as 50% in March.
At the same time that the price has increased of BTC, the difficulty in the mining hash rate has also increased pointed out by Unfolded with a chart of Glass Node to 19,157,154,724,710 (+8.87%) . Bloomberg also reports that simultaneously while Bitcoin has broken its all-time highs, stocks have pulled back from their all-time highs, while oil also declined.
This is speculated to be due to the overwhelming amount of institutional investors that are jumping into Bitcoin such as Paul Tudor Jones, Stanley Druckenmiller, and Michael Saylor. While banking firms themselves like Fidelity and JPMorgan are becoming increasingly more involved in buying Bitcoin. Then there is payments giant Paypal which recently entered into the game siphoning up all 900 Bitcoin mining rewards a day. A combined effort that Max Keiser the host of the Keiser Report and Orange Pill, believes will cause a supply shock driving Bitcoin to $1 million dollars as Bitboy Crypto reported.
The CME Group’s Bitcoin Futures’ contracts have also surpassed OKEx for the first time providing another signal that institutional investors are taking over the retail derivatives Bitcoin market. Bitcoin has closed a massive green monthly candle as well, which is a positive sign for what’s to come.
The bull run has started so grab your popcorn and hodl, but don’t get to over-exuberant remember to sell before September of next year or kiss all those gains goodbye.
Bitcoin is currently trading at [FIAT: $19,222.77] UP +6.1% in the last 24 hours according to Coingecko at the time of this report.