Sell, hold, or buy? All these questions and more have been running through the minds of cryptocurrency investors and traders as Bitcoin consolidates directly below the Fibonacci level that sponsored the 2013 all-time high (ATH).
A lot of speculations have been ongoing as Bitcoin closes a 2-weeks candle above the 1.618 level that saw Bitcoin break through the $1,000 mark and rise to an all-time high of $1,242 on November 29, 2013. November 7, 2021, saw Bitcoin showing sideways price action, consolidating directly below the 1.618 mark around $62,000.
“This is not the time to be selling your bitcoin,” was the alarm ringing on the internet from crypto proponents as fear of the Bitcoin price falling spread through the market.
Will this consolidation sponsor a bullish move or a bearish move? Many crypto analysts on Tradingview and Redot are convinced that the market is showing a bullish signal, as the market is currently showing similar conditions to that of 2013.
Technical analysis enables crypto traders and investors to read market conditions on platforms like tradingview, as primarily, the market moves in cycles and repeated patterns. Analysts use historical data to predict the present and future market flow on the crypto chart.
Although Bitcoin price has shown unpredictable volatility over the years, all signs are pointing to a potential bull run as even crypto exchanges like Redot, Binance, and coinbase are getting ready.
Bitcoin to $80,000?
Could Bitcoin hit the $80,000 mark? This would have seemed like a far-fetched question or possibility. But its current price and gradual growth over the years has defiled many odds, smashed many doubts and false predictions. The cryptocurrency has continued to surpass expectations.
If there’s anything living in the 21st century has shown us, it’s that nothing is impossible. We all thought the rise in the stock market was spectacular till we saw Bitcoin’s rise. 13 years down the line, the cryptocurrency still proves formidable.
Maybe to help you understand where Bitcoin could possibly reach, we take a quick journey down memory lane of how Bitcoin started, its major milestones, and declines over the years.
A brief look at Bitcoin’s journey
The Bitcoin idea first appeared on the scene in 2008 when a white paper was released on a cryptography mailing list by Satoshi Nakamoto, titled, “Bitcoin: A P2P Electronic Cash System.” Satoshi, the pseudonymous creator of Bitcoin, explained the idea of a decentralized digital currency to bypass the flaws of the traditional banking system.
Interests in cryptocurrency began to build slowly and Bitcoin’s price experienced its first bump in 2011. In June 2011, Bitcoin had a 3,000% gain in 3 months, leaping from $1 in April to $32 in June. A sharp dive followed and saw bitcoin trading at $2 by the year’s end.
Fast forward to 2013, Bitcoin’s price made a loud statement of its potential, as it experienced a bump twice that led to its all-time high. Bitcoins opened the year trading at $13 and by the beginning of April, it flew up to $220, followed by a sharp decline that brought its value to $70 the same month.
That same year, by October, Bitcoin was trading at $120 when it rapidly spiked to an all-time high of $1,242 by November end. It closed the year above the $1,000 mark, but 2013 kick-started a multiyear decline in Bitcoin’s price.
2017 shone the spotlight on Bitcoin after gaining massively from $900 in March to over $20,000 by December of the same year. The spotlight attracted governments, institutions, and individuals to start paying keen attention to the star cryptocurrency. The spotlight also attracted competition, as hundreds of alternative digital currencies called altcoins started contending for market share.
The next couple of years saw Bitcoin’s value fluctuate in a way that a lot of the cryptocurrency observers and crypto news declared bitcoin as “dead.” It wasn’t until 2020 when the pandemic caused a global economic shutdown, that bitcoin price started showing activity again.
Interests from institutions and governments continued to increase in the crypto space, and this contributed to the rise in Bitcoin continued to sustain. This rise followed into 2021, as Bitcoin climbed over $40,000 by January, smashing the $24,000 mark of the previous year. By March, Bitcoin climbed to a new all-time high of $60,000 and got to a crescendo of $64,000 by April.
Bitcoin price later declined by halving, hitting the $32,000 mark. A couple of months later, Bitcoin regained momentum, climbing back to $50,000 till it surpassed its previous all-time high by November 5, where 1 Bitcoin traded for $68,500.
Bitcoin is currently around the $62,000 range and it has shown no sign of decline yet. The digital currency could climb to $80,000 or more and it’s also very likely it declines to a very low number. The volatility in Bitcoin’s value is usually extreme and unpredictable. Therefore, no accurate conclusion can be given.
What the future holds
No one knows for sure what the future holds. Yet, considering the history of Bitcoin, the technological dispensation the world is currently in, the global economic shift, and other noteworthy factors, the future looks promising for Bitcoin.
Bitcoin was declared “a scam”, “a failed project”, a “cheap invention”, amongst other names in its early days, but today it has a crypto market cap of over $2 trillion.
Bitcoin’s value has had its fair share of rising and fall, and will still experience a lot of that. But looking into the future, with what Bitcoin represents for individuals (the common man), institutions, and governments, the future looks strong for Bitcoin.
Cryptocurrency has been gaining rapid adoption over the years. El Salvador this year, made Bitcoin a legal tender alongside the U.S. dollars. This is just one of the major feats the cryptocurrency has achieved this year with strong signs of more to come.
What does the future hold? No definite answer. Bitcoin has put up a show for the whole world for 13 years now, and no one knows what more it has up its sleeves. All eyes are currently fixed on the digital currency and fingers crossed, anticipating what the future holds.