At press time, bitcoin is trading for over $10,700. This is huge for the granddaddy of all crypto, and it’s fair to say that a milestone has been hit.
Bitcoin Strikes a New High; Enthusiasm Is Way Up
For the past few days, many analysts have been predicting that $10,000 was right around the corner right after it became clear that bitcoin had surpassed the $9,000 resistance it had been struggling with for so long. Initially, the $9,000 mark had been passed twice by the currency, but bitcoin only managed to stay past this position on a temporary basis, as each surge resulted in an immediate fall soon after to the $8,000 and $7,000 ranges respectively.
The currency, however, is doing better than it has in quite some time and has moved into a new 15-month high. The bullish behavior is continuing steadily, and there are no signs of an early withdrawal.
This raises a lot of questions, the first being, “Will bitcoin potentially reach its all-time high once again by the end of the year?” As we all remember, bitcoin (nearly) struck the $20,000 mark in December of 2017, giving everyone a happy little gift for the holiday season. In addition, bitcoin struck this position in a relatively short amount of time, given where it was trading just a few months prior.
In September of that year, for example, bitcoin was only trading in the $5,000 range, suggesting it had managed to quadruple its price in roughly three months. Quite a move when you think about it.
This time, the currency has roughly six months to go before the holiday season arrives, which means it has more time to build itself up. Putting this into perspective, a $20,000 strike isn’t out of the question. Granted bitcoin can keep this momentum up, it’s not improbable to assume that the currency may go beyond its original high and set an entirely new record for itself. Maybe $25,000? We’ll have to wait and see.
Maybe Lee Knew What He Was Talking About…
In the meantime, another question arises regarding Tom Lee of Fundstrat fame. Lee took a lot of flack in 2018 when he predicted that bitcoin would end the year in the $20,000 and $15,000 ranges respectively. However, now it looks like bitcoin could potentially enter that territory, giving rise to a very serious thought: is possible that Lee was correct all along, and that his predictions were maybe just a little “off?”
If bitcoin does strike the $20,000 or $25,000 marks by the end of 2019, Lee’s predictions will have come true – just a little later than originally stated. Regardless, it seems Lee will ultimately be positioned to thumb his nose at any doubters while loudly chanting, “I told you so.” As long as bitcoin keeps this up, we probably aren’t going to mind.
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