Bitcoin, infamous for it’s volatility has surged back to a 24hr high of 9897$ closing in on the 10,000$ mark. This is not the first time Bitcoin is going over this mark but why is it different from the others?
Bitcoin, from CMC data – the all time high value of 20,089 USD on Dec 17, 2017 has been defamed as ‘Dead’ and ‘Scam’ as it started crashing down to 3238$ on 16th Dec, 2018, exactly a year later. It started rallying back up and again reached 12,997$ on July 10th, 2019 and then crashed back down to 4592$ on 16th March, 2020 as reported on CMC and 3800 mark on Binance. Many investors that got into Crypto started after September, 2017 when Bitcoin because a household name and fomo’d into buying the peak and may have suffered an immense loss and may never have wanted to look back at the price. However, Bitcoin has been at a steady rise, from 3800 to 9900+. Just prior to its 3rd halving event where it was expected to crash but it was able to sustain over 8100+ and now post halving, it has already recovered the value back to a higher 9k region.
It has been able to sustain its price currently trading close to 50% of its ATH and has also crossed yearly bearish trend and now looking to bounce off support to cross 10,000.
This price action post-halving is extremely bullish and with world going through global financial crisis and CBs issuing more currency to inject liquidity is only bullish for a digital asset that has a finite supply. Aditionally, let’s not forget the ‘Golden Cross’ expected to occur in the coming week. And hey, lets not forget to mention, there has been an absolute no media hype this time around. So things may be happening behind the scenes.