Bitcoin (BTC) has now traded above $10,000 for a complete year, as expectations demand $100,000 earlier than the top of 2021.
While hodlers impatiently wait for new all-time highs, BTC worth motion is celebrating the primary of what’s probably many anniversaries.
BTC/USD: One year in 5 figures
On Thursday, BTC/USD formally hit three hundred and sixty five days buying and selling in 5 figures.
A year in the past, on Sept. 9, 2020, the biggest cryptocurrency slowly eased into the $10,000 zone, by no means to return.
A month later, it was solely $1,000 greater, however quick ahead to the top of This autumn 2020, and the scenario was totally completely different — Bitcoin traded at $28,000.
The transformation is extensively anticipated to repeat itself this year. As Cointelegraph reported, even a “worst case scenario” for BTC/USD is $135,000 by Jan. 1, 2022.
Even legacy finance has come spherical to the idea of bullish continuation, notably this month within the type of Standard Chartered, which forecast a cyclical high of $100,000 this year.
Peak excessive predictions for this bull cycle:#Bitcoin to $275,000-350,000 #Ethereum to $7,500-12,500#Polkadot to $100-150#Chainlink to $100-150
-> #Cardano to $3-5#Zilliqa to $0.80-1.20#Ripple to $0.50-0.60
— Michaël van de Poppe (@CryptoMichNL) September 12, 2021
Zooming out, the predictions get even greater. Cathie Wood, founder, CEO and chief funding officer of Ark Invest, believes that Bitcoin will hav hit $500,000 by 2026.
At the time of writing, BTC/USD was hovering at $47,500, having overwhelmed out what some feared can be stable resistance in a single day.
Related: Bearish pennant breakdown confirmed? 5 issues to look at in Bitcoin this week
“Despite a 50%+ sell-off experienced in May, a strong rally from the $29k lows, and now another sharp sell-off this week, HODLers appear unphased,” analytics agency Glassnode summarized in its newest weekly publication.
As Cointelegraph moreover famous, long-term holders now account for extra of the BTC provide than at any level since earlier than the primary a part of the bull market started in October. Exchange reserves, in the meantime, are at their lowest since February 2018.