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Is $10,000 Bitcoin’s New $1,000? Price Action Like Pre-2017 Bull Run, Says Analyst

Avatar Rick Delafont 2 months ago

Bitcoin has once again topped the $10,000 level. The leading crypto asset by market capitalisation crossed the psychologically significant level multiple times over the last couple of weeks.

For some analysts, the shrinking resistance the Bitcoin price experiences as it crosses into five figures is reminiscent of the crypto’s flirtations either side of $1,000. The BTC price eventually took off at the beginning of 2017, reaching its current all-time high at the end of the year.

Next Stop, the Moon? Analyst Draws Parallel to Pre-2017 Bull Run Bitcoin

The price of Bitcoin has been steadily increasing throughout 2020. Earlier today, it crossed $10,000 once again, causing a flood of optimism to return to the industry.

As NewsBTC previously reported, crypto observers seem to be having a hard time staying bullish after such a harsh and enduring bear market. Although sentiment is positive during price rallies, doubt is quick to set in at the sign of any correction. Some analysts have described the current market as one lacking the belief Bitcoin price genuinely can accelerate upwards rapidly again.

Dan Held, Kraken’s head of business development, believes the current price action both side of five figures is reminiscent of the Bitcoin market at the beginning of the previous major bull run. In the early part of 2017, the Bitcoin price teased those invested in the cryptocurrency by trading both sides of the then hugely important psychological level of $1,000.

Bitcoin traded above $1,000 for the first time since the 2013 bull market on January 4. It promptly dropped below four figures just days later.

Bitcoin price spent the next three months trading both above and below the level. Since late March 2017, the price has never returned to below $1,000.

A respondent to the above tweet, Twitter user Toxic Bitcoin Maximalist (@JimJones1913) added that factors potentially favour an even more aggressive rise. Calling the current geopolitical climate “the perfect storm for Bitcoin”, they made a strong bull case for BTC:

“With major cities in China turning into ghost towns I have little doubt governments will use that as an excuse to print even more money.”

Is $10,000 Even that Important these Days?

Whilst it certainly seems important for industry sentiment generally, Bitcoin price is no longer experiencing the same resistance it did at $10,000. The latest move saw the price surge from around $9,633 to more than $10,153 with no sign of slowing until well above five figures.

Cryptocurrency industry observer and analyst Kevin Svenson highlighted how nonchalantly the price breezed past the once-seemingly insurmountable barrier.

NewsBTC reported earlier today on how the industry expects the price to move following the recent rally.

Related Reading: Bitcoin to See a Massive Trend-Defining Movement Because of This Simple Pattern

Featured Image from Shutterstock.
Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the...

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