Bitcoin took roughly 34 days to go from $6k to $20k in 2017, can it happen again?
Will history repeat?
Last year, bitcoin only needed roughly 34 days to go from $6k all the way up to $20k by December 16th.
A big part of that rally had to do with the CBOE and CME bitcoin futures launches.
In fact, the price of bitcoin actually peaked on the exact day the CME launched their futures product, which was shortly after the CBOE had successfully launched theirs.
Now, here we are currently sitting at $5,500 with about 43 days left in the year and a major futures launch waiting in the wings.
This year we have Bakkt expected to launch the first ever physically backed bitcoin futures product on December 12th.
(Source: https://twitter.com/MoonOverlord/status/1059350442973499392)
Will this cause a similar type of price action as last year?
Tom Lee seems to think so as he recently lowered his end of year price target down to $15k from his previous estimate of $25k.
More about it can be seen here:
Yes Lee lowered his price target, but only to $15k and that would still represent almost a triple from current levels over the next 6 weeks.
Let me know your thoughts in the comment section below.
Stay informed my friends.
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i will be happy to see bitcoin at $10,000 ...
I'd take $8k at this point. :)
I hope it takes less than that due to institutional investors if bull run happens.
I’d love to see bitcoin > $10000 at the least
I'd take $8k at this point, but yea $10k sounds nice.
baakt is only one of the platforms goin on in december 12
withing the next three months there will be platforms all over the globe
i say bitcoin 40000 by the end of spring
have a great day and good article
That is a big number... can we bet on that?!
for the record i do not own any bitcoin
i bought eos at a .25 cents and never sold it when it was over 24 dollars lol
im still up over 30 times my money in a year
if anything i will load up on bitcoin cash as to i think that btc will be attacked by bitcoin abc and sv when the lightning network comes online
i would and will be a buyer of bitcoin cash once this hash war is over
again have a great night jrcornel
which bitcoin cash will you buy?
i like the bitcoin sv over the abc one
also i think we get these coins if we are holding BCH i believe like with the other forks. am i correct to assume that
i also think cryptos will keep heading lower into the firs week of decemer
whats your take
are you a stacker(gold and silver)
again have a good morning i guess it depends where you are lol cheers
I own some gold and silver yes. Not a lot though. I don't own any BCH. I own bitcoin and a few other coins. And yes I agree, I think the trend me continue to be mostly lower for next couple months. I think we bottom out early in 2019 though.
it is a big number
i wouldnt bet on it
i bet with my life everyday hehe
i follow marco wutzer jeff berwick and teeka tiwari and they are basically all in agreement on where the price is going but timing is where they all have different ideas
also you never know what the criminal govt will end up doing and nothing is for sure
have a great evening
if you like poems check them out they are about life vices and govts
my freind makes them up and told me to put them on here only one person has looked at one poem out of ten
have a great evening jr cornel
By end of 2020 you might see something like that number hit, based on block reward halving and mining difficulty.
A bold statement. history might not be repeating itself.
oh i dont think its going to repeat its going to way surpass its previous high
its not a matter of if but a matter of when
bitcoins been hijacked by the establishment and i wouldnt touch it but its going to go flying shortly after the platforms are in all over the planet
if one percent of wealth from the hedgefunds and pensions and institutions goes into cryptos when the platforms are online thats over three trillion market cap so yes i beleive it will go flying once markets crash and dollar starts to collapse
my opinion and im sticking to it
have a good eveing sinkfish
I agree with you. I think we see $40,000 as well at some point, I just don't think it happens within the next 5 months or so.
it sure is starting to look that way isnt it.
im in it for the long run and do have some bitcoin cash
what do you think of qaurkchain
i loaded up on that a while back
i think it could be the future ethereum
what are your thoughts
have a good day
That would be very nice.... we can all dream
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Haha yes we can.
there would be no reason to think it would happen quickly, if it ever does it would be a lengthy process... i don't really see anything coming to fruition with bitcoin, but what do i know
Why not, it happened before?
I think everybody is waiting for that launched, between some other good news, and we can only hope that FOMO starts coming to crypto very soon :D
I´m very convinced that history will repeat itself, and as you said, BTC doesn´t need more than a month to suddenly moon its price.
Not looking good so far. People want it to bounce now so they can get out.
All I can say is that Tom Lee is nuts, but I appreciate his bullishness :)
Haha he's a smart dude, though perhaps a little overly optimistic.
Unlikely... it'll take a while to get to 20k... but once past it, 34 days until 50k sounds about right ;-p
I could see that as well. Part of the reason it went up so fast the last time was because it was in blue sky territory. No one shorting or selling. Until we are in blue skies again it will be tough sledding.
Many continue to look at 2017 as a historical point here but I rhink it should be 2015 where we saw a fake out before going lower, capitulating before a healthy uptrend that was not exponential either. That is what I would prefer at least...
So would I.
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