Bitcoin breaches $19892 on Coinbase
Bitcoin’s price crossed ATH on most exchanges on November 30, 2020 chasing after a high monthly close. Interestingly enough, @Danheld of Kraken has been asking traders to be patient and wait to get rewarded. In his recent tweet, he said there will be several dips in this cycle as well, and HODLing is the only way to get rewarded.
As Bitcoin breached $19892 on Coinbase, it hit home for many retail traders and HODLers who waited patiently for over 2 years to witness another ATH. At press time, Bitcoin’s price hit a high of $19904 on Coinbase, based on data from the price chart.
During the current bull run, as the price crossed ATH on most exchanges, the fact of the matter remains that the liquidity has increased since many retailers rushed to book profits at the new ATH. Before hitting above the ATH, enough demand needs to be generated to absorb it. Though Bitcoin does operate uninterrupted, just as it did over the Thanksgiving Holiday for a total of 113.5 hours, vs the 3.5 hours put in by US Capital Markets. The transaction volume and momentum in Bitcoin’s network should be sustained to breach $20000.
Though many altcoins made it to their ATH first, Bitcoin did make it to its ATH way before Gold this quarter. @QiaoWang tweeted about Bitcoin’s strong fundamentals, and this also supports the narrative of Bitcoin at $20000 and higher, with every passing quarter.
Strong fundamentals with a shortage of supply and consistently increasing demand on spot exchanges could lead to a higher ATH before the end of 2020. It is fair to consider the price crossing $20000, given the recent Bitcoin-Gold decoupling and the rallying altcoins. With the launch of ETH 2.0 many traders have shifted focus for booking quicker profits by closing Ethereum trades, however, Bitcoin trading continues to be a marathon and not a sprint. A shortage of supply that matches the October 2020 level, may boost the price above $20000, while retail celebrates Bitcoin at $19892.