Economy
Bitcoin Smashes Through 17K as it Approaches Previous All Time High
“$20,000 #Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap.”
Bitcoin is approaching its pervious all time high level of $20K as it smashed through the $17,000 level Tuesday morning.
As seen in the weekly chart below, the worlds top crypto has been on a sky-high, vertical trajectory, printing 7 straight weeks of strong, positive price movement.
At the time of writing, Bitcoin is currently priced at $17,372 per coin, marking its first trip beyond $17k since December 2017.
In the lead up to Tuesday’s price action, senior commodity strategist at Bloomberg Intelligence put forth a bullish forecast in a Monday tweet in which he said: “$20,000 #Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap.”
“Mainstream adoption is rising.”
As Coin Telegraph’s William Suberg points out, McGlone isn’t the only market veteran bullish on Bitcoin:
McGlone is far from the only markets veteran doubling down on the lucrative prospects for Bitcoin in its current bull run.
On Monday, trader Peter Brandt suggested that based on previous bull runs from 2013 and 2017, the current price performance was only the start of the cycle.
“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,” he explained.
“Since the early Sep low there have been two 10% corrections.”
Popular chartist Plan B pointed out on Tuesday that the price of Bitcoin in ounces of gold has gone up by 2 ounces since October 29th.
Also worth noting is Ethereum’s price of $475 at time of writing.
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