Bitcoin is on the brink of a major breakout following a remarkable weekly close at $13,032, which was its highest since January, 2018.
The world’s largest cryptocurrency is now safely in bull market territory having rallied by 237.02% since March.
While several analysts have been forecasting a pull-back to the $12,000 region, Bitcoin seems buoyant above the $13,000 level following news that PayPal is offering cryptocurrency services.
The fact that PayPal, a global payments powerhouse, is including Bitcoin services within its platform highlights how far the asset class has come since its inception 11-years-ago.
Cryptocurrencies experienced a glimmer of mass adoption in 2017 during the ICO bubble, but this seems far more mature with institutional funds rapidly diversifying into Bitcoin ahead of the US presidential election.
From a technical perspective, Bitcoin needs to take out $13,247 and $14,000 as these were two points of rejection during the 2019 bull run on the back of Facebook’s Libra announcement.
Taking these areas out before the monthly close would almost certainly present an opportunity for Bitcoin to rally to new all-time highs before the end of the year.
However, while all technical and fundamental indicators have flipped bullish, it’s worth noting that the greed and fear index is currently at a 75, indicating that a short-term sell-off my come into fruition in order to trap leveraged buyers above $12,000.
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Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.