It’s finally happened, folks! For the first time in several months (and the first time in 2020), bitcoin (BTC) – the world’s most popular and largest digital asset – has spiked beyond the $10,000 mark, and the bulls are fully taking over the money ship.
Bitcoin Has Finally Hit $10,000
The currency has been on a roll since the beginning of the year and has added more than $3,000 to its overall price since January 2. The significance of $10,000 is that this figure was serving as bitcoin’s present resistance level, so the fact that it was able to shoot past this number in a relatively short period of time shows that its latest bull behavior is not a fluke.
Many felt confident that $10,000 was coming closer, but nobody could have anticipated that it was right around the corner. For those who believed that $10,000 probably wasn’t possible – such as crypto analyst John Bollinger, who recently predicted that the bears had not finished their work with the world’s number one digital currency – they’re probably having to eat their words and apologize to their nearest enthusiasts.
Naturally, the crypto community is in a bit of an uproar since the good news was announced yesterday morning. Anthony Pompliano, for example – co-founder of the bitcoin and digital currency investment firm Morgan Creek Digital – took to Twitter to express his enthusiasm, writing:
Bitcoin just hit $10,000. I still think that bitcoin will hit $100,000 by the end of December 2021.
Pompliano now joins the ranks of Ross Ulbricht, Charles Hoskinson and Tim Draper, all of whom believe the currency is likely to hit the six-figure range within the next year or two. Ulbricht and Hoskinson both predict $100K along with Pompliano, while Draper goes so far as to say bitcoin could reach as much as $250,000 by the end of this year. Probably a bit far-fetched, but hey… We can dream, can’t we?
Others are predicting that the rise to $10,000 has something to do with people anticipating the big May halving that’s scheduled to arrive in the next three months. Travis Kling – who’s in charge of Ikigai Asset Management – recently commented that “fireworks” were “in store,” and that the halving was coinciding with a lot of bitcoin’s recent trendlines.
The Halving May Have No Effect
At the same time, there are those that still doubt the halving will have any serious bearings on the future of bitcoin. In a recent interview, wealth manager Andy Edstrom commented:
When hash power drops, that’s a good time to attack the bitcoin network. The halving is the one time that attackers can prepare and know there are marginally profitable miners active that they can push out.
In other words, the halving is likely to give rise to a harsh period of crypto crime and cyberattacks.