Bitcoin Price Surges Above $12 800
Can you still make money if you buy Bitcoin today?
Bitcoin has just extended its huge price rally that we last experienced in the second quarter of 2018. On June 25, the BTC price has surged above the $12,800 level, reaching its highest peak price since January 2018.
According to CoinMarketCap at the time of writing this article, the BTC price is sitting at $12,879.05. The top cryptocurrency has been pumping non-stop since breaching the psychologically important resistance level of $10,000.
On the flip side of the coin, other altcoins like Ethereum, XRP and Bitcoin Cash are still struggling to make significant gains.
The latest Bitcoin price bull run has also conveniently coincided with Facebook unveiling its Libra project. It might seem far-fetched to assume that the bulls could eventually push the BTC price past $15,000 by the end of the week but — this is crypto, anything is possible.
However, while Bitcoin is gradually rising in price, fears of what happened to the price in 2017 are still at the back of many people’s memories. Bitcoin surpassed $12,000 for the first time on December 6, 2017, after the approval of Bitcoin futures. And — the speculative rally suddenly came to an end.
It seems like we have just entered the dangerous waters again although experts are rather optimistic about the present price surge as many believe that this time things will be different given that crypto is finally making it to the mainstream with growing institutional adoption as evidenced by the ‘adoption’ by Facebook through the Libra Project and JP Morgan Chase’s private coin.
Kraken CEO Jesse Powell alleges that we will see a correction at $100k or even at $1 million!
What Is Driving BTC Price?
Back in 2017, the Bitcoin rate was by large pushed up by the ear of missing out — FOMO — as people who had no or little idea about crypto started purchasing it feverishly, spending way more than they could afford to lose.
After the crypto market collapse many of those ignorant retail investors lost a lot with some losing even all of their savings and property.
Google trends show that the level of interest towards Bitcoin was much higher in 2017 than now according to this Forbes article. This confirms the theory that back in 2017 the price rise of Bitcoin was mainly driven by retail buyers.
This time it seems different — Facebook entering the market with its Libra Coin — Bakkt and Fidelity Investments planning to launch crypto trade soon, as well as the Bitcoin ‘’halvening’’ expected in 2020 ( an event where the rewards to so-called bitcoin miners are cut in half).
Should You Buy Bitcoin Now?
No one really knows for sure what’s going to happen to the price of Bitcoin tomorrow — BUT you should probably buy Bitcoin today!
If you had bought one Bitcoin last Friday at about this time and held it over the week you’d have made roughly above $3,000 on that Bitcoin, on a slightly less than $10,000 investment.
Now that’s what is known as a very good return!
It doesn’t always happen like that but when it does Bitcoin is a very industrious servant by anyone’s standards.
Now that I have said you should probably buy Bitcoin today its also important to remember that Bitcoin is only 10 years old — it’s a tender and volatile asset that may completely tank
Do not invest more money than you are willing to lose and also do your own research and analysis before taking the dive.
For now, all current signs are pointing in the right direction.
The article above does not constitute financial advice and independent financial advice should be sought before deciding whether to invest in any financial product.