Bitcoin stops detours and goes over $17,000, getting even closer to its historical high. Will it be sustainable?
Bitcoin, the market’s leading crypto-currency, is over $17,000 and has reached a three-year high. Is it sustainable?
Bitcoin reaches a 3-year high, getting closer to its historical peak
The leading crypto has increased by 5.33% in the last 24 hours, accumulating an increase of 15.38% during the last 7 days, to reach USD 17,680 at the time of writing.
The crypto market hasn’t seen this price level for Bitcoin since 2018. It’s been a long road for Bitcoin, going from $10,000 in early September to $17,600 today, an increase of about 70%.
Overall, analysts have explained Bitcoin’s growth with the worsening crisis caused by COVID-19. However, the bullish run that crypto is experiencing is particularly different from others.
During the 2015-2017 bull market in Bitcoin $BTC, there were 9 significant corrections with the following averages:
37% decline from high to low
14 weeks from one ATH to the next ATH
Since the early Sep low there have been two 10% corrections pic.twitter.com/E1LbN7VDa5
– Peter Brandt (@PeterLBrandt) November 16, 2020
As Peter Brant explained, during previous bullish cycles, Bitcoin has seen up to 9 corrections, unlike the current one which has only experienced 2 corrections.
Meanwhile, its market capitalization, USD 330 billion, reached an all-time high.
Now the question is: Will it be sustainable? A significant proportion of the market believes that Bitcoin’s bullish run is just beginning and will exceed, by far, its historical peak.
I bought more $BTC last night at 15800. It’s going to 20k and the. To 65 k. The network effect has taken over. I see tons of new buyers and there is very little supply. It’s an easier trade here that at 11k. So YES, buy it.
– Mike Novogratz (@novogratz) November 17, 2020
In fact, today Mike Novogratz, via Twitter, noted that Bitcoin will reach $65,000 due to a combination of low supply and “tons of new buyers.
With Bitcoin exceeding $17,000, the crypto community is hopeful that it will continue to grow. However, the crypto market can’t be trusted.
Bitcoin returns have been 5 times higher than gold
Does Ray Dalio withdraw his crypto opinion?
Bitcoin has succeeded over the years in demonstrating its potential and silencing all those who, one day, doubted its potential crypto.
Recently Ray Dalio was a bit critical about Bitcoin, especially condemning its future to being banned by governments. Now, in a series of Tweets, he admitted that he might be missing out on important information about Bitcoin.
So he asked the crypto community to correct him. However, he reiterated the reasons why, in the past, he has been critical about the crypto leader.
Ray Dalio is still not convinced about Bitcoin (BTC)
Maisie Williams joins historic crypto rally
Maisie Williams, better known by the name of her character “Arya Stark”, asked for crypto investment advice and more than 900,000 people responded.
She asked if she should invest in leading crypto through a survey, but the answer was no. However, that was not enough to convince Williams.
The artist seemed to have already decided to invest in Bitcoin and asked out of curiosity.
“Thanks for the advice,” she told the crypto community that she was eager to embrace it as one of her own. “I bought some anyway.
Will Ethereum 2.0 be able to meet the release date?
Crypto Ethereum 2.0 update at risk of delay
As we reported today in CryptoTrend, for the moment only 18% of the required minimum of more than 524,000 ETHs has been deposited prior to the release of the Ethereum 2.0 crypto upgrade.
The developers seem to be holding out hope. However, the situation is getting more complicated as days go by and more than 80% of the crypto target is missing.
Thus, the crypto market is beginning to realize that the update could be delayed.
In a few lines…
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