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The price of bitcoins has reached a new ATH this year, reaching $ 5,600. The next step seems to be $ 6,000. The HODLers dare to dream … But let's keep a little perspective. All the major pieces are still one (very) far from their peaks of all time. This might be important in itself, though. After all, the rebound can only be higher.
There is only one way to go forward
Do you want good or bad news first? Let's start with the bad.
Despite crossing a key resistance level and making its first gold cross since the trough of 2015, Bitcoin (BTC) has again lost 72% of its December 2017 record.
Ether (ETH) is 88%, and Ripple 90%. Let's not start with Bitcoin Cash … They struggled badly last November and are currently down 92% from the historical highs.
Other altcoins are also struggling, namely:
- XRP: – 90%
- EOS: – 76%
- LTC: – 78%
- ADA: – 93%
- XLM: – 87%
- TRX: – 89%
- XMR: – 87%
- DASH: – 91%
- MIOTA: – 94%
- NEO: – 94%
- OMG: – 92%
So what is the good news then? Why are traders and HODLers around the world so excited? Well, market analyst The Rhythm Trader rightly observes… With statistics like this, we can only go back from here.
Bitcoin is better placed for a bullfight than in 2017
Aside from the quiet encouragement that things can only get better, there are a ton of other reasons why things are looking good for BTC. Unlike the last epic race, the price of bitcoin has been steadily increasing since 2017.
The fundamentals are now much better in the form of increased transactions, usage and hash rates. More and more scams and sh ** coins have been eliminated, there are more ramps, proven use cases and more.
This time, Bitcoin is evolving, garnering significant institutional support and has already proven that $ 20,000 is a realistic goal.
In the meantime, we must all keep in mind that over 80% of the 21 million bitcoins have already been extracted. Halving, which will reduce sales pressure on the market, is also less than 400 days.
Industry insiders call for parabolic growth
We've all heard John McAfee's predictions and what he would do if he was wrong. But there are many other key players who are also (if not more) optimistic about Bitcoin.
Yesterday Anthony Pompliano of Morgan Creek Digital made an amazing statement. This bitcoin could become a $ 5 trillion asset by 2024. This is based on the argument that bitcoin remains the only asset of less than $ 1 trillion that can be multiplied by 50 over the next five years.
So, yes, it remains that Bitcoin still has a long way to go to regain its previous levels before exploiting them. But with the tailwind blowing hard, he can only climb from here.
Will Bitcoin continue its upward trend? Share your opinion in the comments below!
Pictures via Shutterstock
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