Bitcoin is becoming more bullish, it seems. Following a few weeks of nominally bearish activity that ultimately made the currency lose roughly $2,000 from its price and fall from about $12,000 to less than $10,000, the world’s number one cryptocurrency by market cap has shot up to $10,700. This is an $800 price jump from where the asset was not too long ago.
Bitcoin Is Heading Deeper Into Bullish Territory
After a price surge that took bitcoin to roughly $12,400, the currency began traversing some rather bearish territory that ultimately took it down into the $11,000 and then the $10,000 range, respectively. From there, the currency fell below five figures and scared analysts into thinking that this was probably going to be the end of the asset as we knew it. However, this only lasted a day or two and it wasn’t long before the currency had risen back into the $10K range.
However, that surge was a bit hard for bitcoin considering it had some trouble deciding where to go. The currency rose a bit here and there, but these rises were always followed by nominal drops, and the asset went from around $10,100 to $10,400 over the span of several days as it tried to sort itself out.
Now, the currency is trading for several hundred dollars more, making many traders and crypto enthusiasts wonder if perhaps the asset is going to rise to $12,000 again soon. Now that the asset is once again on the rise, it should spike into the $11,000 range again granted it can keep up its present momentum.
To say that this year has been odd for bitcoin would be a bit of an understatement. The currency began 2020 on bullish terms, rising into the high $7,000 range within days of the start of January. From there, the currency continued to rise higher and higher and eventually hit $10K when the coronavirus pandemic struck. From there, the currency went down further than it had in a long time, eventually traversing the high $3,000 area briefly before another meteoric rise brought it into the $5,000 range.
Making Another Solid Move
By the time of its third halving, bitcoin was trading for well over $9,000, and many naturally felt that $10,000 was imminent, though it struggled with this figure until July. From there, the currency began spiking into higher ranges until $12,000 was reached. However, this number has become the “new $10K” in that it has been rather difficult for bitcoin to remain in this territory once it has been breached.
Still, it would be wrong to doubt the currency as it has proven itself capable of many incredible things in the past. No doubt, it will do so again. If we are patient and resilient enough, $12,000 could indeed become the new norm for everyone’s favorite cryptocurrency.