Bitcoin Hits a Milestone
In a world where cryptocurrency is often likened to the weather (unpredictable, unpredictable), Bitcoin has managed to stick it to the man by trading above $10,000 for a staggering 100 days. That’s right, folks! Just as you were counting down the days until the next reality TV season, Bitcoin has been basking in the sun of five-figure trading glory. And from the looks of it, this is just the beginning.
What’s the Big Deal?
You might wonder what the hullabaloo is about. Well, according to historical trends, Bitcoin’s price points of significance often act like a launching pad. Whenever it hovers at $10,000 for a good long while (like a cat lying in the sun), it has historically zoomed up by an entire order of magnitude. Yes, we’re talking serious gains!
The 200-Week Moving Average: The Unsung Hero
Let’s not forget the unsung hero of the financial world—the 200-week moving average (WMA). This elusive figure just crossed the $7,000 mark for the first time, which has analysts buzzing like a beehive threatened by a bear. Why does this matter? Tradable patterns suggest that as Bitcoin flirts closer to its next block subsidy halving set for 2024, its price could respond positively. Think of it as Bitcoin hitting puberty.
The Parabolic Prediction
Ah yes, the parabolic behavior experts love talking about! If history is going to repeat itself (again!), senior commodity strategist Mike McGlone at Bloomberg Intelligence has a crystal ball forecasting a hyper-bullish 2021. With the recent halving reducing Bitcoin’s supply but demand continuously climbing, it sounds like the stage is set for yet another wild ride on the cryptocurrency rollercoaster!
Final Thoughts: Always Do Your Research
While all these predictions and historical trends are pretty snazzy, taking the plunge in crypto should never be a last-minute decision—no one likes to dive off the end of the dock without knowing how deep it is! Remember to do your own research, consider your risk tolerance, and keep those emotions in check as you watch Bitcoin potentially break your bank in 2021.
