Bitcoin has once again shot past the $11,000 mark. This is the first time the world’s number one cryptocurrency by market cap has hit this number since September 19. While it’s easy to get excited at first, many crypto enthusiasts are likely wondering, “Will this figure last?”
Will Bitcoin Retain This Momentum?
The world’s primary form of cryptocurrency has experienced a rough 40 days. From the end of August through early October, bitcoin has suffered under the crippling bearishness of September, a month that has often been historically bad for bitcoin and other forms of crypto. The good news is that the month rarely leads to lasting effects on the bitcoin price, though it’s always unfortunate and stressful to see our crypto champion lose about $2,000 off its price.
As we all remember, bitcoin reached a pinnacle of roughly $12,400 by the time we were ready to say goodbye to August. The currency was doing better than it ever had in roughly one year, and many thought the day of bitcoin had finally arrived. Unfortunately, this wasn’t quite the case, as the asset sunk into oblivion during the first few days of September, falling as low as $10,100 at one point.
From there, the currency entered a slight period of recovery that ultimately took it between $10,500 and $10,700, though many times people waited with bated breath for bitcoin to hit the $11K milestone… only to walk away disappointed. More good news came about when it was announced that bitcoin had broken its previous five-figure record that it had set in the year 2017. During that time, bitcoin traded for over $10K for roughly 62 days, though 2020 saw that figure increase by 24 additional hours, suggesting that the value, strength and resilience had shot up for bitcoin.
But at the end of the day, it doesn’t matter how many of these large steps are taken. It seems like most bitcoin and crypto fans want to see the price increase, and September wasn’t the month for this.
Now That September Is Over, Will Things Get Better?
In the past, September hasn’t always been kind to the world’s primary crypto, with last year serving as a prime example. As soon as the month arrived last year, the asset suddenly found itself falling from the mid-$9,000 range, where it had been for several weeks up to that point, down into the low $8,000 position. While much of this action was blamed on outside influence – i.e. the dismal introduction of the Bakkt trading platform – it can be argued that this was just more bearish September action.
So, what will the future hold now? Will we see bitcoin make its way back to $12,000, or is this jump past $11K simply a fluke of sorts? Well, several analysts have mentioned that bitcoin is on the verge of seeing better days, so perhaps this is a case of industry experts knowing what they’re talking about.