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Bitcoin crossed $17,000 to reach its highest price level in over a month; Ethereum breached the $1,300 resistance as other cryptocurrencies rally in a ‘positive’ start to the week. Now those lines sound like I am excited…I’m not. But it’s hard not to feel a short relief after swimming in red in the past weeks. I’m still a few steps away from filing for bankruptcy too. It’s a bit calm on Twitter, not so calm anyways, but those ridiculous predictions aren’t as popular as they used to be. Probably because no one knows the last time we will see bitcoin at any price. Despite climbing clear off $17,000; a drop back below this point is still very much likely.
Diamond hands are still holding on. ‘Hodling’ isn’t much of pleasant advice; judging from the events following last year’s peak. But currently, it isn’t a bit of bad advice either. Bitcoin has stayed above $16,500 for the majority of the last few weeks (at the time of this writing) while Ethereum and other cryptocurrencies have stayed relatively stable as well. The brief pump follows a global relief as many stocks are seeing green as well.
The crypto space has been an interesting movie in the past three months. A documentary about it will have many episodes. Comedies…and a (whole) lot of tragedies. Mike Novogratz still wakes up every day to stare at a Luna-themed tattoo. Not trying to poke fun, but that feeling should be very different. Well, I guess everyone got a bit of the descending market; except if you didn’t wait to see bitcoin at $69,000. I did, it would have been a graceful sight…for many reasons. We are about $47,000 away from that figure; still far but not so far, considering the fact that bitcoin was pronounced a few weeks ago and was ‘going to zero’.
It is closer to zero than $100,000 right now though. But that’s farther than it appears. After a wide sell-off that saw Bitcoin drop below $17,000; the chart is forming a rather promising pattern with prolonged rises and short-lived drops occurring simultaneously. The buying force constantly overpowers the selling force. This is not a bull Vs bear scenario but it looks very much like one. Vital indicators suggest recovery from a very busy run of days. One which could last for a while before the next sell-off.
$20,000 for bitcoin? This depends on some macroeconomics though. The majority of investors are convinced that bitcoin has hit its bottom, just like most other altcoins. The idea is ‘up only’ from here. Haven’t heard much about that podcast since started to go ‘down only’, maybe soon anyway.
But yeah, we should see some decent gains in the coming week. Polygon has been doing great so far, I’d expect more DeFi projects to follow its train or even perform better. We are still in a bear market though, that shouldn’t be forgotten in the excitement. With that in mind; progression might be slower than it used to be, especially when bitcoin finally breaches $20,000. As usual, altcoins that took a big hit from the previous crash will attempt to post more gains, this goes the same either way as well.
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