Thu. Apr 2nd, 2020

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Despite Bitcoin’s Gloomy End Of Year, BTC Up By 110% Since Last Christmas

2 min read

Bitcoin (BTC) was nearly declared dead during the last Christmas. But like many other times before this, the digital asset still rose up and lifted its head up high. This, however, remains one of its worst capitulations. A time that brought fear, uncertainty, and doubt in the hearts of most investors. A bloodbath that began mid-November saw Bitcoin shed billions in a matter of days, finally bottoming at $3,100 mid-December. Bitcoin skeptics were all but certain that Bitcoin was headed for $0.

In 2019, Bitcoin began the tedious and long road back to its former glory. In the first few months, there was every indication that this would be a great year as the asset quickly surged past $4K but only to stall at $5K. By this time, the skeptics had disappeared or at least calling the move a fake-out otherwise called a bull trap. One that would end terribly for those who joined in. As prices stalled, desperation began to creep in.

In May, the believers ripped big as Bitcoin shot to reach $8K. And this was just the beginning. Although there was much volatility, BTC continued to climb and by mid-July had touched its current year high of $13,000. There was near certainty that the digital asset would go on to hit its all-time high of $20K. The bears had plans in mind.

For months, there was a tug of war between the bears and the bulls and the line was drawn on the $10K mark. The bulls put the asset above it and the bears working to stay below. Towards the end of September, the bulls lost the battle to the bears who successfully managed to pull prices as low as $7,500. While the bears had won the battle, the war was not over yet.

A Merry Chrismas For All Those Who Believed In BTC

Up until mid-November Bitcoin traded above $9K and ensured high support of $8K. But before the end of the month lost its support. Since slipping below $8K, Bitcoin has been unable to climb back above. With the year now days away from coming to an end, it looks further unlikely. But, regardless of the gloomy end, Bitcoin has posted a great year. Returns of over 100% in 12 months are better than most assets have done and a great place for Bitcoin to start come 2020.

If BTC continues in the same trend, even without accounting for other catalysts such as the upcoming halving, we can expect Bitcoin to climb above $15,000 by the 2020 Christmas party.

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Cryptomute | 2020