Bitcoin is back at $60,000 and looks poised to retake a new all-time high of $65,000 in the near future.
Starting off the year in the low $30,000s, we watched bitcoin put doubters in disbelief as it ran all the way up to $64,000 later on in April. Since then we’ve seen a pretty decent decline that really put the class of 2020/21 Bitcoiners’ resilience to the test. Many of them were claiming to have “diamond hands” on the way up, but many proved otherwise on the way back down.
The dips are where Bitcoiners earn their stripes in the market. That’s where the real profit is made. Selling dirty fiat for BTC is the real gains, and acquiring more at a discounted price is the way to go. Corrections like the one we had earlier this year prove who’s here for some quick gains and who’s here for the revolution.
We’re in a clear uptrend – and how high we’ll go is anyone’s guess. Ever since the big correction there has been a lot of bitcoin buying happening, which we all knew would end in an eventual price squeeze. But now things have changed, the world’s eyes are all on bitcoin.
Could we see a worldwide bitcoin buying frenzy happen? Well as the amount of BTC available keeps drying up and the demand keeps increasing, we could very well see something that makes the 2017 run-up look pathetic by comparison.