• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
early bitcoin investor
Nexo Logo

Early Bitcoin Investor Sees Parallels Between Now And 2016 Bull Breakout

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 3 mins read
Advertisement

Bitcoin price has spent the last two years hovering around $10,000 – a key resistance level that in the past has incited serious FOMO. But according to an early Bitcoin investor who has seen a thing or two, the cryptocurrency won’t hover around that price forever and sees parallels between the current price action compared the calm before the breakout into the last bull market.

Early Crypto Investor: Bitcoin Can’t Hover Around $10,000 Forever

The world will know soon enough if scarcity-focused valuation methods like the stock-to-flow model continue to hold true for Bitcoin. But if they are accurate, the lowered block reward miners now receive in BTC should begin to force Bitcoin prices higher due to lower supply flow.

Natural supply and demand dynamics then begin to sway in favor of price increase, and the asset forms a bubble. And there’s no reason to think otherwise – that’s exactly what the cryptocurrency did several times now.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

After the cryptocurrency’s halving in 2016, the asset spent what to crypto investors at the time felt like forever trading below $600. When Bitcoin finally took out that level and left it behind, the crypto asset never looked back.

Related Reading | Bitcoin Crossroads Made Clear By Two Remaining Lines in The Sand

Instead, it plowed right along through every next psychological resistance level imaginable, until it slammed headfirst into $20,000 at peak exuberance and hype.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The same thing is happening once again, but this time at $10,000. An early Bitcoin investor who experienced this for themself had dug up an old tweet to show the parallels between each market cycle and where things may potentially be at this time around.

The tweet was from almost exactly four years earlier, and if the every-four-year halving-based theories are correct, Bitcoin is about to take off just like it did last time around.

In no future does bitcoin forever hover around $10,000. Long-term it’s either $0 or $100,000K+ https://t.co/YNMd852BcJ

— Stephen Cole (@sthenc) September 11, 2020

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

 

Nothing In Between: $100,000 Plus, Or All The Way Down To Zero

The same Bitcoin investor both then and now does warn, however, that there’s no middle-ground for the cryptocurrency. It either goes on to fulfill the potential tech enthusiasts and savvy investors see as the future of money, or it fails miserably.

Stephen Cole, the early Bitcoin investors who compares $600 to $10,000, back then suggested that the asset would either crash to zero, or trade at $10,000 or more. Clearly he was right.

bitcoin btcusd 100k zero

BTCUSD Weekly Log Scale and Linear Scale Zero Versus $100K Comparison | Source: TradingView

This time, he says that it is either zero, or $100,000, with no chance for in outcome somewhere in between. But which will it be? On the log scale, Bitcoin is a lot closer to $100,000 than zero, but on linear scale its a heck of a lot shorter of a distance down than up to such highs.

Related Reading | This Unique Perspective Makes It Clear Bitcoin Cycles Are Lengthening

Interestingly, there could be some reasoning behind $600 and $10,000 acting so similarly as key levels dor each bear market. Why? Because its the 0.5 Fibonacci retracement level, or almost exactly 50% from the asset’s two most recent bull market peaks: $1,200 and $20,000.

It is not clear why markets behave this way, but there’s certainly something more to math and numbers than meets the eye. In fact, yet another important number is coming up this Sunday. Keep watch on NewsBTC for an update on what this crucial number means and why its a big deal to Bitcoin.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

MATIC price

MATIC Price Demonstrated Bullishness, How Soon Will It Touch $1?

1 hour ago
Bitcoin

TA: Bitcoin Price Holds Support, Why BTC Might Attempt Fresh Increase

2 hours ago
CryptoDickbutts

CryptoDickbutts NFTs Erect Nearly 700% In Daily Sales Volume 

3 hours ago
XLM price

XLM Depicts Buying Resurgence, Where’s It Headed Next?

4 hours ago
Crypto ATMs

Number Of Crypto ATMs Installed Worldwide Reaches New Milestone

6 hours ago
TA- Cosmos Could Be Set For A Wild Rally Ahead Of Crucial Breakout

TA- Cosmos Could Be Set For A Wild Rally Ahead Of Crucial Breakout

7 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

The Main Reason Why GNOX (GNOX) Could Flip Dogecoin (DOGE) And Shiba Inu (SHIB) In 2023

August 8, 2022

The Next Bullish Wave in Crypto Could Generate Huge Profits for Uniglo (GLO), Fantom (FTM), and Optimism (OP)

August 8, 2022

The FishVerse Announces the First Ultimate Fishing Metaverse

August 8, 2022

Bware Labs announces the Blast Incentivized Testnet, code-named Houston

August 8, 2022

MEXC to List AURA Network, Supporting NFTs Adoption for More Possibilities

August 8, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.