In February the bitcoin price slipped past the $10,000 mark. It was something of a watershed moment, considering the struggles the leading cryptocurrency has gone through since 2018. However, it didn’t stay above $10,000 for very long, and this has made people wonder if this bull run is going to be a short-lived one, like the ones we witnessed in 2019.
Max Keiser, a staunch bitcoin bull, has already been predicting that bitcoin will hit $400,000k. He told Infowars that his previous prediction of $100,000k is now too conservative. He said on the show: “I am officially raising my target for Bitcoin — and I first made this prediction when it was $1, I said this could go to $100,000 — I’m raising my official target for the first time in eight years, I’m raising it to $400,000.” However, unless you suddenly got very excited at this prospect, Keiser did not say when it might reach $400,000k. And Bobby Lee, CEO of Bitcoin wallet Ballet, believes $500,000 is a likely price for 2028. Meanwhile, one historically accurate technical indicator has calculated an average price of $100,000 for the period between 2021 and 2024. Perhaps it will be our children and grandchildren who may reap the benefits?
However, back to bitcoin this week. Here are three things to consider about bitcoin and the magic $10,000. As Cointelegraph says: “Since Bitcoin surpassed $10K on Feb. 9, we have seen the leading digital asset rocket above and below this key psychological barrier line exactly seven times.”
Second, the “the CME closed at $10,475 on Friday, so if Bitcoin stays at its current price of around $9,800, it will leave a gap of around $675 to fill next week.” Cointelegraph adds: “Should the CME gap fill, it means Bitcoin will rocket back over $10K and on its way to $10,500 making it the eighth time Bitcoin has surpassed $10K in 2020, which would already beat the 2019 record.”
Third, mining difficulty “is set to decrease by an estimated 2% in nine days’ time.” But when the mining difficulty increases, so does the price of bitcoin, so we hope to see that happen after this ‘decrease’ towards the end of February.
Although there has been some pullback over the weekend, (there always is) the bulls continue to feel bullish and see $10,000 as the new support level. As for the bears, if the price should drop below $8,900 then we will be in their territory. Fingers crossed this doesn’t happen.