A little bit ago when Bitcoin was at $5,000 I thought that just had to be as high as it could go, now this week the cryptocurrency is expected to cross the $10,000 mark. I’m one of those people who bought Bitcoin years ago, and sold it for more than 2x what I paid…but looking back now it’s painful to calculate how much that would have been worth (I had 8 Bitcoin so as of this writing it would have been worth $76,000) .
So when Bitcoin hit $5,000 I thought…okay, it has to come down at some point, I’ll buy in again at a dip. Now I wish I just pulled the trigger and bought then since it now feels like Bitcoin might never dip below $5,000 ever again.
Of course, like everyone else interested in cryptocurrency, I have very little real data to base an investment decision on. Yes, I could come up with a compelling case based on the number of big companies and banks embracing Bitcoin, the economists that have talked about it’s bright future, or just the fact that it is the top news story in the financial world pretty much every day. I could also dive into charts and trend analysis, but that’s a whole other can of worms. While I’d love to say, “I’ve done the research and here’s when I’m going to buy,” the reality is when I buy (and when most people buy) it’s going to be a lot more random, no matter how much me (or you) try to convince ourselves that we’re investing based on data…it’s just too new and too volatile to really know.
With Bitcoin (and cryptocurrency in general) it looks like you really have to go with your gut and take a risk. It’s no secret that cryptocurrency is incredibly volatile so while Bitcoin could be $20,000 next year, it could also drop to $100 – nobody really knows. That being said, it’s feeling less and less likely that Bitcoin is going to crash so the question is, how high can it go?
This week Bitcoin is expected to hit $10,000 and as of writing this post it is currently at $9,525 up 2.13% so far today. For those who like to get geeky and analyze the charts, here’s what Coindesk is seeing in the data:
With the rising trendline (pattern of higher lows on price chart) well and truly intact, bitcoin looks set to test $10,000 today, and may even extend the rally to $10,400 levels as suggested by the bull flag breakout discussed on Nov. 20. (Source – CoinDesk)
So what do you think? Will Bitcoin break $10,000? If so is it still a good buy at this price or at we at the peak? If we’re not at the peak, how high could it go? I want to hear from you – comment and let your voice be heard!