Bitcoin Attacks Historical Highs!
Bitcoin Attacks Historical Highs!
Recently I wrote about the fact that Bitcoin (BTC), the first cryptocurrency, has a chance to break the historical price maximums, i.e. ATH. Today it turns out that it is 100% realistic that they will be broken soon. It seemed that Bitcoin’s rate would have to adjust on its way to the tops. However, this correction has not yet taken place. It is possible that it is related to a long, almost 3-year consolidation of the rate. However, in my opinion, the reasons are slightly different. Currently, an unprecedented in history creation of classic money is taking place all over the world. It results from the willingness to “help” people, economies or companies and public institutions. In practice, it will lead us to tremendous inflation. At this point, it is not that visible yet. It will be visible when people start spending this money, which is at the end of the “coronavirus crisis”. Probably around the middle of next year. Let’s go back to the merits and the current price of Bitcoin and other cryptocurrencies. The graph at this point looks like this.
The price of Bitcoin has exceeded 18500 USD and is close to breaking the maximum!
As you can see in the chart above from the BitBay cryptocurrency exchange, the price of Bitcoin has exceeded about $ 18,500 for 1 BTC. The market value and capitalization of Bitcoin is growing. Surely all investors like it. Well, of course, for those who already have this cryptocurrency in their wallet. Will this trend continue? From the point of view of technical analysis, the chart should rebound from this level (the so-called resistance) and correct. This, however, is not happening yet. Will we witness a surprise and breach of the $ 20,000 maximums? The next days will show.
Will other cryptocurrencies also reach their highs this year?
While Bitcoin is close to the maximum historical level, other known cryptocurrencies such as Litecoin, Ethereum or Ripple are far from their historical peaks. Do they have a chance to be there this year? It seems unlikely. Most of them have a long way to go. It is possible, however, that this will not happen before the beginning of 2021 or in spring, in my opinion. Eteherum (ETH) seems to be the closest to attacking the historical highs. However, to the level of $ 1,400 per unit, it is still about 300% short of growth. This is a lot and less than a month is not enough for this.
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