In December of 2017 Bitcoin Gained $1500 In 24 Hours, Will There Be a New ATH in 2020?

Bitcoin’s most significant green candle happened on December 7, 2017, when traders started the day at $14090 and pushed the token to $17390 in 24 hours. That would be the first time a bullish candle broke the $15900 line —an event that new investors are experiencing today.

December 7 of 2017 can also be remembered as the perfect argument for those who claimed BTC was a bubble, as the token also registered a wick of $19697 that day, its most significant growth ever with a $5600 surge.

2017 and 2020 Are Similar… But Different

Today, Bitcoin is flirting with the $16,000 mark. Its peak during the last 24 hours stands at $15977. That’s an 11.49% growth from the day before, putting the cryptocurrency at a mere 20% below its ATH.

Read Also:   Top 3 Cryptocurrency Day Trading Strategy to Make Money | by SagarMundada | The Capital | Nov, 2020

That places bitcoin as the cryptocurrency with the best recovery since its ATH, surpassing any other competitor by a large percentage.

Bitcoin is outperforming the rest of the cryptocurrencies. Image: Coinlib
Bitcoin is outperforming the rest of the cryptocurrencies. Image: Coinlib

But there’s a key difference: In 2020, no one – or almost no one – is talking about bubbles, and the reason is simple: Bitcoin isn’t behaving like one.

Unlike the accelerated growth it experienced during 2017, Bitcoin’s rise this year has been more easygoing, more mature, and more resistant to both FUD and FOMO. Long gone are the days where a hacked exchange or a politician’s speech were enough to crash the markets.

Bitcoin in 2017 vs Bitcoin in 2020
Bitcoin’s parabollic surge in 2017 vs Bitcoin’s linear surge in 2020. Image: Tradingview

And the Bitcoin fundamentals also seem to support traders’ optimism. There is greater regulatory clarity, more institutional investors are jumping in, and large financial firms have legitimized Bitcoin as a reliable asset and a good investment. The world’s economies are going through a crisis that has established Bitcoin’s reputation as a hedge asset, and it has played a major role in its price appreciation.

Read Also:   Gaming Giant CAPCOM Attacked With Ransomware. Hackers Ask for $11M in Bitcoin

Is Bitcoin Near a New ATH?

It’s hard to predict if Bitcoin could mirror 2017’s hype and reach a new ATH. Generally, an ATH is a robust psychological barrier in any market. Still, analysts and famous traders believe Bitcoin may be at least close to touching the line of the $20K.

For example, Mati Greenspan was quite excited when Bitcoin broke the resistance in the bullish channel:

Also, 10T Holdings co-founder Dan Trapiero gave some credit to the stock-to-flow model which has been widely criticizes as innacurate. If this model tells the truth, Bitcoin could be very close to having a six-figure price tag.

Read Also:   We Woke up in a Different World Today | by Justin Honse | The Capital | Nov, 2020

Also, eToro’s Brad Michelson compared what is happening in 2020 with the crypto hype of 2017:

So perhaps there’s a reason to be bullish, but please learn from 2018 and never invest what you cannot afford to lose.

Google Play

Source link

What do you think?


Leave a Reply



Square’s Cash App Q3 Report Attributes 80% of $2 Billion Revenue to Bitcoin

Koinal Partners With Huobi to Simplify Crypto Buying Process