Has Everyone Gone Bullish for Bitcoin?
Bitcoin’s behavior, as of late, is paving the way for more bulls to enter the space.
More Spikes, More Hikes
At press time, the daddy of all digital assets is trading for just over $8,000. This is great news considering there have been a few drops over the past few weeks, and many still haven’t fully recovered from the massive losses incurred in 2018. Recently, the currency fell to the mid-$7,000 range. While this wasn’t a huge problem, many began showing concern that the bears were taking over the financial reins yet again. It’s not easy to get over losses of more than $10,000 that quickly.
Either way, bitcoin showed an incredible level of maturity by sticking to its guns and maintaining a certain level of momentum that it hasn’t shown in the past. Never was this more evident than when Binance, the popular cryptocurrency exchange, was the victim of a $40 million hack that saw more than 7,000 BTC units disappear overnight.
In the past, bitcoin and other cryptocurrencies would have likely fallen victim to negative hype and experienced solid price drops. This time, however, things were very different. Bitcoin jumped by more than $1,000 in a week, claiming a spot on the financial ladder it hadn’t held in some time. Enthusiasts got a taste of what bitcoin would be like if it was a mature asset, not simply a developing coin that was trying desperately to make a name for itself.
The move has prompted many bulls to make their thoughts and feelings known. One of those bulls is broadcaster Max Keiser, who recently commented that bitcoin was likely to hit $100,000 in a very short time. He’s advising everyone who possesses bitcoin to hold onto it, as they’re about to reap rewards they never anticipated. He states:
The timing is immaterial. It is still going to outperform every other asset you can possibly imagine owning over the next five, ten or 15 years. Forget about timing. Timing is for people who think, ‘I’m going to wait and buy it at a better price.’ That is a bad way to approach crypto. Stack Satoshis!
While his prediction is about $150,000 less than what’s been predicted by noted venture capitalist Tim Draper, it’s still an ambitious hypothesis, and many are hoping his beliefs will come to fruition.
Bitcoin Will Be Split Once Again
Furthermore, many bitcoin bulls are now praising the big bitcoin “halving” that’s set to occur sometime in 2020. The process will involve reducing the amount of rewards offered to miners that extract or mine new cryptocurrencies, in this case, bitcoin. Many bulls believe this will lead to stronger prices for the digital asset.
Events like these have occurred in both 2012 and 2016 and resulted in rallies for the coin. Bulls are confident 2020 will produce similar results.
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