Everyone… it’s happening!
Whilst it is wrong to let optimism get the better of us, given that cryptocurrencies are more volatile than a ‘game’ of swans (a game of swans refers to a group of swans on the ground or in water, interestingly a wedge is the name for a group of swans in the air), however, it does look like we are seeing Bitcoin make certain tracks towards $10,000.00 now.
$10,000.00 is a key indicator for the health of Bitcoin and indeed, if Bitcoin surpasses this point we will see some increased activity within the markets. I imagine the majority of this activity will come from selling, however $10,000.00 may suggest to some people that Bitcoin still has room to meet its $20,000.00 target. Perhaps even, given the state of things and our undying optimism, Bitcoin can surpass even that figure.
At the time of writing, Bitcoin is valued at $9,703.09 and is up 5.24%. Another $300.00 gain and we will see $10,000.00, that’s literally how close we are.
Bitcoin made its first significant move (of this year obviously) towards $10,000.00 on the 20th of April, when we saw Bitcoin’s value jump from $8,528.42 up to $9,712.46 just five days later.
Since then, Bitcoin has remained ever volatile, switching between the $8,000.00 and $9,000.00 realms on a regular basis up until the 1st of May, when things started to settle out into a climb, peaking at $9,769.92.
So, as you can see, Bitcoin is making serious movements towards $10,000.00. Of course, once it reaches that peak there’s no guarantee that Bitcoin can remain over $10,000.00 for the long term and, due to selling, we could see some resistance at this point. Moreover, the dreaded correction may indeed take over.
However, we need to consider that each time this happens, Bitcoin seems to strengthen and that if resistance at $10,000.00 does occur, we will eventually see Bitcoin break it, it’s just a matter of when and not if.
On the contrary, if Bitcoin does breach $10,000.00 soon and manages to remain above that threshold, things will change quite dramatically. This could be made possible with a potential looming bull run, of which, many experts are now expecting to take hold pretty soon. They had predicted this back in April, however being out by a few weeks doesn’t matter so much, right?
For now, let’s hang on a see what happens to Bitcoin. As I say, moving over $10,000.00 is indeed possible, the difficult thing here is for Bitcoin to stay above that target. A bull run, or market surge will of course assist Bitcoin and of course, Bitcoin does have the ability to hold its own. What isn’t clear at the moment is whether or not Bitcoin is ready to challenge itself with the $10,000.00 trophy just yet.