Will Bitcoin Soar This Autumn?
Many cryptocurrency fans and enthusiasts might have had a rough start today. Bitcoin has tumbled to its bottom support levels of $9000, with some exchanges reporting prices below $9000. While its price has recovered slightly back to $9075 currently and it appears to be heading back to the mid $9000s.
This constant war between bulls and bears has been going on roughly since May with Bitcoin teeter-tottering between $10,000 to $9000.
Many traders and analysts have made note of Bitcoin's relative stability pointing out that a big move may be in the cards in the future. While the major move's direction is the one thing there isn't 100% consensus on. The majority seem to think that up is the direction and we might see Bitcoin explode in the future.
Dormant Bitcoin & Coming Bull Run
Earlier today Dan Held, Head of Business Development at Kraken discussed the amount of Bitcoin that has been dormant for over a year.
The last time we saw this amount of #Bitcoin that had not moved in over a year, was in early 2016 â preceding $BTC's bull run to $20k.https://t.co/lquCOcHXPX https://t.co/Hvf4lW72U6 pic.twitter.com/xGXYdqSewEâ glassnode (@glassnode) June 28, 2020
Glassnode, a cryptocurrency intelligence provider further noted that the last time this has occurred was in 2017. This in combination with the halving event that Bitcoin has gone through previous in the year does seem to be a bullish sign.
Unlike 2017, the world is going through a time of vast financial uncertainty and political turmoil. While Bitcoin tends to shine during times of crises, it unexpectedly dropped sharply along with most stock indices.
While some of the market conditions of 2017 have reappeared, some new challenges have risen as well. Bitcoin might experience a price explosion in the future, but it might take a bit longer than originally anticipated.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado