It feels like a lifetime since we where watching the markets push Bitcoin up to that majestic $10,000.00 target. $10,000.00 marked a half way point in which Bitcoin would have achieved 50% of the climb it needed to reach its optimum goal of $20,000.00. Of course, many investors do believe that $20,000.00 would still see Bitcoin very much undervalued and that therefore once $20,000.00 was breached, Bitcoin would continue to climb.
Since the days of optimism though, we have only seen Bitcoin fall, it’s latest tumble bringing Bitcoin down to new lows not experienced for around two months. If this decline continues, Bitcoin is indeed at risk of dropping to lows deeper than those experienced in March.
In the pursuit of calculating what might happen next in the world of Bitcoin, we need to remind ourselves about what has happened, therefore, we’re going back to March to track the progression of Bitcoin from then, in the hope that perhaps history might repeat itself.
Bitcoin entered March with a value of over $10,500.00, flying high off the optimism of the 2017-2018 cryptocurrency boom that saw values skyrocket. As March took over, the markets retreated, and a crash ensued. During this backpedal, Bitcoin managed to drop to a March low of $6,795.33, as recorded on the 30th of March.
With this in mind, you can expect that the start of April saw similar lows, with Bitcoin starting the month at around $6,600.00. Thankfully, Bitcoin’s look took a turn during April and thus the currency began to climb again, reaching a height of $9,710.27.
This climb continued through the start of May, during which time Bitcoin peaked at $9,926.70, just skimming that $10,000.00 target. Form this point unfortunately, the only way seemed to be down, before long, Bitcoin hit $7,300.00 as we left May and entered June.
Now, at the time of writing, Bitcoin sits at a new low of $6,796.82, down 6.43% and thus, continuing to slip into new depths, not seen since March. This current low is literally dollars away from dropping below the total March low, suggesting that actually, Bitcoin could be in trouble here.
So, what will it take to get Bitcoin back up to $10,000.00?
Well, as it stands with todays values in mind, we need to see around a 50% increase in the value of Bitcoin, that would certainly see Bitcoin hit $10,000.00. To put that into perspective, in order for Bitcoin to reach $20,000.00 again, we need a 200% increase in the value of Bitcoin.
Moreover, focusing on $10,000.00 once more, the fall experienced by Bitcoin from it’s April height, down to todays value comes in at around 30%. Therefore, you should agree that a 50% increase in the value of Bitcoin is not only huge, frankly its quite unachievable.
So, to answer the question, that’s what Bitcoin needs in order to see $10,000.00 once again. How it can achieve a 50% rise, and will it will achieve such a jump, that is something we cannot measure. Ultimately, the markets are volatile, and in such conditions as we see today, such a climb would be frankly unpresented. Therefore, until the markets balance back out, Bitcoin looks to continue to fall. Prices could get lower here.