Bitcoin is on a tear. After enduring a bear run that began at the start of 2018 and surviving over 300 “RIP” predictions, the world’s most popular cryptocurrency is picking up major steam to reclaim the psychological threshold of $10,000.
Currently trading at $9,762, up 2.8% according to data tracker CoinGecko, some crypto enthusiasts are calling Bitcoin’s latest price action the beginning of the next big bull run.
An anticipation of an epic breakout, analyst Crypto₿ull tells his 150,000 Twitter followers to hang on for the ride.
The breakout from this thing is likely to lead to the biggest weekly green candle in bitcoin's history.
Consider yourself warned! pic.twitter.com/QNC3WvHT80
— Crypto₿ull (@CryptoBull) February 5, 2020
Commenting on Bitcoin’s scarcity, ShapeShift CEO Erik Voorhees remarks,
“If each millionaire on Earth wanted a Bitcoin, they couldn’t all have one. If you own one, congratulations. Hold onto it.”
The scarcity of Bitcoin, which is expected to reach a maximum supply of 21 million units around the year 2140, still remains a polarizing pitch, with critics calling it a pyramid or Ponzi scheme. But that isn’t stopping Bitcoin maximalists from believing that Bitcoin will devour the entire crypto space once it continues to climb. Supporters expect its brand name to attract even more investors and users while developers build better scaling solutions and venture capitalists target startups that are well-positioned to capitalize on a first-mover advantage.
Alex Mashinsky, CEO at Celsius Network, a crypto lending and depository company working to decentralize banking, speculates that retail interest in Bitcoin is pushing the price up.
“It appears that US retail interest is driving Bitcoin’s latest price surge. The fact that US spot BTC prices are higher than those on crypto exchanges abroad is a strong indication of high US retail demand. It may be the case that US investors are cashing out on recent stock market gains from stocks such as TSLA and putting that money back into Bitcoin as a hedge against lingering uncertainty over the coronavirus and its long-term impact on global equities. The near-term goal for Bitcoin investors is to recapture 2019’s high and hit $13,000.”
Jeff Rogers, a self-proclaimed, ultra Bitcoin maximalist on Twitter, says he’s all in.
“I sold all my cars, watches and real estate. I closed all bank accounts. I’m all in, literally.”
Although a number of analysts are bullish, a number of crypto traders including Tone Vays are not on the same page. Vays says he expects BTC to dip to around $6,000 or possibly lower before the start of a new bull run.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Gorgev
