Cryptocurrency’s eldest project, Bitcoin, is celebrating its 10th Birthday belated but no one is complaining. Bitcoin shattered $10,000 on 22 June and climbed all the way up to $13,800 before meeting overhead resistance at $13,900. The BTC price at press is $12,750 and most likely resetting its oscillator before another charge upward. The last time Bitcoin breached $10,000 was in March 2018.
During the last bull market of 2017 and early 2018, once the BTC price broke above $10,000 it took only 17 days to reach a new all-time high of $19,665.
Now institutional money is finally flowing in at the right time, for example, The Grayscale Bitcoin Trust (GBTC), is trading at a very serious premium. Grayscale’s Trust is already trading at over $15,000 per BTC. These indicators suggest extremely bullish price sentiment despite a dearth of FOMO (fear of missing out) amongst casual investors and newcomers to the cryptocurrency space. It was thought the emergence of new money would be flowing in at $10,000 but indications are that we haven’t even seen the new money of crypto novice’s flow into the market yet. Nonetheless, the short and long-term price sentiment is extremely bullish and new 52 week highs have been made back to back weeks. This week Bitcoin also set a new 68 week high, suggesting a possible price of $20,000 and a new all-time high.
In the last 7 days alone, the Bitcoin price is up greater than 20%. Bitcoin’s price has moved more than 4x the bottom of the crypto winter bear market low of $3,100.
While Bitcoin is on a what seems like a relentless and continual assent towards the stratosphere, alt-coins are showing major divergence to BTC in price action.
Bitcoin to alt-coin pairs are lagging far behind and bag holders of alt-coins are losing patience. While the alts didn’t rise dramatically until near the end of the last cryptocurrency bull market, patience is certainly waning as some anticipated more miniature alt seasons this bull cycle along the way up.
One last key indication the next trip to the moon is possibly eminent, the overall cryptocurrency market cap is now over $350 billion and could easily reach ½ of a trillion dollars in the next 30 days if the market keeps rising. The total market capitalizations of all cryptocurrencies when charted suggests an even greater breakout is looming.
While BTC has been pumping for multiple days, not even extremely overbought price conditions on the daily Relative Strength Index [RSI] have been able to cool this hot rally for longer than a few hours. The best strategy to assure gains is to continually cost average into the market, don’t get greedy, and don’t buy after days of continual double-digit percentage gains. The best opportunity is to scoop up Bitcoin after overhead resistance is met and there’s a small correction of what is over a thousand dollars now in many cases. The next month will be very interesting and appears to be prime for a lot of profits for those which have been patient over the last 18 months, stocking up crypto bags and hodling their cryptocurrency. As always this is for entertainment purposes and not financial advice, always do your own research and or seek the advice of a certified financial advisor.