Bitcoin gained 215,000,000% by the 10 year anniversary.
Updated
Recently Bitcoin has celebrated its’ 10 year anniversary. On the 31st of October 2008, a person, or a group of people under the name of Satoshi Nakamoto published a “Bitcoin P2P e-cash paper”, which can be found on bitcoin.org/bitcoin.pdf.
It was introduce at a very specific and perhaps a perfectly right time. Back in 2008 world was going through a financial crisis, demanding an alternative to the USD. And here you go, Bitcoin appeared out of nowhere. Whether it was created by a single person or a group of people, it seems that this was a carefully calculated event.
On the 17 Mar 2010, the now-defunct BitcoinMarket.com exchange is the first one that starts operating. At a time it was priced at $0.003 for 1 Bitcoin. Currently BTC/USD rate stands at $6450, and that is a 215,000,000% growth! Clearly, Bitcoin has its use, and perhaps not so much as just being the first cryptocurrency, but maybe the best candidate for being the alternative to the world currency - the US Dollar.
After a short “Happy anniversary Bitcoin” intro, time to move on the the current price action, which might show us upcoming price action scenarios.
According to our previous idea, yesterday BTC/USD has rejected our projected resistance area near $6500. At the very same time the downtrend trend line, along with the 200 Moving Average, also were rejected. This makes $6500 - $6530 a very strong resistance. As price has bounced off it, there won’t be too many buyers, which are most likely are waiting for the break above. But when/if it breaks higher, it could trigger a massive wave buyers stepping in, pushing price up. Nearest resistant area is seen between $6840 and $6900, which if overtaken, can trigger even higher demand for BTC.
Nevertheless, the resistance is being respected, which means that buying orders, sitting above the $6530, haven’t been triggered yet. Therefore, at this stage BTC/USD will most likely continue the range trading, between $6300 support and $6500 resistance. Break below $5300 can be a bearish signal for the BTC, and the risk of the price drop, down to $6100-6200, will become very high.
Perhaps it is worth to wait and see, as Bitcoin approaches the potential decision making point, which is the nearest Fibonacci price cycle. It starts on the November 8, and maybe then the breakout occurs. Most likely, investors are waiting for strong move in price, accompanied by a heavy trade volume, and it could happen in just 3 days from now.
In 10 years Bitcoin price has increased by 2,150,000 times, and it is extremely interesting to follow the direction of BTC in the next 10 years. The technology introduced by the Bitcoin is simply amazing. Considering that one day BTC might become a global currency, hard to imagine how far up it can clime.
It was introduce at a very specific and perhaps a perfectly right time. Back in 2008 world was going through a financial crisis, demanding an alternative to the USD. And here you go, Bitcoin appeared out of nowhere. Whether it was created by a single person or a group of people, it seems that this was a carefully calculated event.
On the 17 Mar 2010, the now-defunct BitcoinMarket.com exchange is the first one that starts operating. At a time it was priced at $0.003 for 1 Bitcoin. Currently BTC/USD rate stands at $6450, and that is a 215,000,000% growth! Clearly, Bitcoin has its use, and perhaps not so much as just being the first cryptocurrency, but maybe the best candidate for being the alternative to the world currency - the US Dollar.
After a short “Happy anniversary Bitcoin” intro, time to move on the the current price action, which might show us upcoming price action scenarios.
According to our previous idea, yesterday BTC/USD has rejected our projected resistance area near $6500. At the very same time the downtrend trend line, along with the 200 Moving Average, also were rejected. This makes $6500 - $6530 a very strong resistance. As price has bounced off it, there won’t be too many buyers, which are most likely are waiting for the break above. But when/if it breaks higher, it could trigger a massive wave buyers stepping in, pushing price up. Nearest resistant area is seen between $6840 and $6900, which if overtaken, can trigger even higher demand for BTC.
Nevertheless, the resistance is being respected, which means that buying orders, sitting above the $6530, haven’t been triggered yet. Therefore, at this stage BTC/USD will most likely continue the range trading, between $6300 support and $6500 resistance. Break below $5300 can be a bearish signal for the BTC, and the risk of the price drop, down to $6100-6200, will become very high.
Perhaps it is worth to wait and see, as Bitcoin approaches the potential decision making point, which is the nearest Fibonacci price cycle. It starts on the November 8, and maybe then the breakout occurs. Most likely, investors are waiting for strong move in price, accompanied by a heavy trade volume, and it could happen in just 3 days from now.
In 10 years Bitcoin price has increased by 2,150,000 times, and it is extremely interesting to follow the direction of BTC in the next 10 years. The technology introduced by the Bitcoin is simply amazing. Considering that one day BTC might become a global currency, hard to imagine how far up it can clime.
Note
Trade closed: target reached
downside target reached
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