2020-7-29 15:58 |
The bull run that has kept Bitcoin trading above $10,000 has sparked discussions. In our last report, we noted that analysts are still very optimistic about Bitcoin hitting the $20,000 mark. Some analysts are confident that the bear market is over, and while this could mean a lot of things for different Bitcoiners, it generally means that the long dip in prices will not be seen anytime soon.
One analyst backed this statement up saying that Bitcoin will not trade below the $10,000 level, a price mark that the cryptocurrency was confined in for most of the year.
Still, there are mixed reactions from analysts who do not outrightly disagree that a price pump could send Bitcoin to new highs, but have been on the fence about two things: whether the bull run has fully taken place and whether Bitcoin can trade above $10,000 and hold prices.
One trader took to Twitter, pointing out that Bitcoin has only maintained momentum above $10,000 twice and all two times the cryptocurrency did not hold the price long enough before it took a massive decline and dropped by 70%-80%.
As illustrated in the Tweet, all two times when the bulls pushed prices above $10,000, a bear market took over shortly after. In 2017, Bitcoin hit $19,783, its highest price ever. The all-time high was as impressive as it was unexpected, this was because Bitcoin started the year with about $1,000 in trading value.
However, the dip came in shortly and prices fluctuated wildly. In 2019, Bitcoin was still in its recovery stage and started the year off with a price of $3,717. In the same month, a 9% upsurge saw it cross over to $4,000. But the upward trend ended almost as soon as it started and for the first and second quarters of 2019 (January to June), Bitcoin price was range-bound below $5,000 as prices fluctuated between $3,000 to $4,000 range.
Bitcoin’s all-time high for the year was $12,920, again the uptrend was short-lived and the bears took charge. In another tweet, the analyst who was an early investor and a beneficiary of Bitcoin’s all-time high price rally in 2017 explained that prices may not hold up for too long as consumers consider holding above $10,000 a huge risk.
However, other analysts have debunked this take, saying that the dip is nothing new, with one analyst mentioning that Bitcoin was range-bound between the $600 mark twice before prices skyrocketed to nearly $20,000.
Again, analysts are reaffirming that the bear market is inevitable but its permanence highly unexpected. Fundamentally, this is true because adoption and investment will never cease, bull runs will constantly occur, as well as new all-time highs.
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