The bitcoin price has held above $9,000 for a record 81 days, a feat it couldn’t manage even during the monster bull run of 2017. Although BTC remains around 50% below its all-time high, the price is arguably stronger and more resilient than ever as it consolidates around $10,000.
As bitcoin trader, known as Mr Anderson, pointed out, holding above $9,000 for this long shows a maturing market forming a strong foundation.
Back in 2017, the bitcoin price soared from less than $1,000 to its all-time high of near $20,000. But the move was volatile and erratic. It only held above $9k for 73 days (between November 26th, 2017 – February 2nd, 2018) as it entered a wild price discovery phase.
This time around, the bitcoin price has grown to $9,000 with a much stronger base. It has accumulated significantly more foundational strength. In the resurgent bull rally, it crossed $9,000 on June 16th, 2019 and has yet to dip below.
As CCN.com reported, many in the crypto community have been holding out for a break down back to $8,000 before buying up more BTC. But the chances of this happening grow thinner by the day as the bitcoin price extends its record period above $9,000.
Waiting to ‘buy the bottom’ is a dangerous game when all signs point to the slow accumulation of capital at this level. As CCN.com reported yesterday, bitcoin’s monthly lows paint a picture of steady accumulation through 2019, an upward trend that has yet to be broken.
“Bitcoin 2019 monthly lows show how strong this bull will be. This isn’t a few months of 2017 gamble mania anymore. This is a store of value in the making. This is just the beginning.” – Misir Mahmudov
Click here for a real-time bitcoin price chart.
Last modified: June 23, 2020 2:33 PM UTC