If Bitcoin Price Hits $8,300 Can It Repeat History and Reach $20,000 in the Next 13 Days?

  • Jack Thomas
    🤷 Opinions

    The last time Bitcoin closed at $8,300 it reached $20,000 just 13 days after. It is close to that mark again, so can it repeat history?


If Bitcoin Price Hits $8,300 Can It Repeat History and Reach $20,000 in the Next 13 Days?
Contents

Bitcoin has managed to come out of the ashes of an 18 month long bear market and recovered its price from the lows of $3,000 up to nearly $8,300 in what turns out is a 113 percent return in this year alone.

This recovery is impressive for the digital currency, but nowhere near as spectacular as its rise to $20,000 in late 2017. However, that does not mean that it could still not happen. If history is to repeat itself, and there are already some similar signs, then Bitcoin could hit a massive rally soon.

When Bitcoin last closed on $8,300 it managed to climb to its all time high in the incredibly short span of 13 days. Now, in this week, Bitcoin reached $8,200 before falling back down a bit, but if it managed to close on that important number, it could be the start of another incredible rally.

Big gains, short time periods

Bitcoin's 13-day long rally is something not often seen outside of digital currencies, but, according to Tom Lee of Fundstrat, it is the modus operandi of Bitcoin. Lee tweeted that Bitcoin picks up most of its gains in a short time frame, typically in a 10-day window, unlike traditional assets and asset classes.

Essentially, if there is to be a big rally, then it would make sense that it would take a short space of time. However, it is yet to be seen if Bitcoin’s price movement will be catalysed at $8,300 as there has been a lot of change in the market since December of 2017.

Similar trends?

Looking at the way in which Bitcoin initiated its movement towards $8,300 is important as that gave the foundation for the coin to skyrocket even higher. In 2017, the $8,300 mark represented a level which was secured following an impressive $7,000 gain in 12 months.

The fourth quarter of 2017 ended with a 219 percent increase because of the rally of Bitcoin from $8,000 to $20,000, but in previous quarters, the dominant cryptocurrency consistently recorded large gains against the U.S. dollar.

This time around it has been very different, and the move towards $8,000 has been about a recovery period after a bearish market. Thus, it is unlikely that at $8,300 there will be the exact same move, but what looks more likely is that when the true rally kicks off, its move will be swift.

Cover image via 123rf.com
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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Ripple’s XRP Price Struggling — Is This the End as Max Keiser Predicts Facebook Coin Will Take Over?

  • Darryn Pollock
    🤷 Opinions

    ❌👊 XRP’s price has failed to kick on — is there too much competition as Max Keiser predicts Facebook Coin to make it obsolete?💁‍♂️⚒


Ripple’s XRP Price Struggling — Is This the End as Max Keiser Predicts Facebook Coin Will Take Over?
Contents

While the cryptocurrency markets have been down of late, there has been very little to be excited about from a Ripple point of view. The company’s XRP token has failed to kick on during the cryptocurrency spring, and maybe it is down to losing its niche.

There is a bigger and bigger drive for coins that accomplish what XRP does, and despite being one of the first, there is major competition emerging from big companies like JPMorgan, as well as now Facebook.

Max Keiser, a well-known cryptocurrency commentator, has said he believes Facebook’s hugely hyped GlobalCoin will do away with the need for hundreds of altcoins, including XRP. It remains to be seen if GlobalCoin will hit the same niche, but it does feel like it has a chance.

A cryptocurrency killer

There are hundreds of cryptocurrencies currently on the market, and not many would argue against the fact that many are not needed and a bit of a waste of space. There are niches which have a lot of competition, like the smart contract blockchains of Ethereum, Cardano, NEO, etc.

Ripple’s XRP solution to cross-border banking payments is a well known cryptocurrency, but is still just a startup and a minnow in the eyes of JPMorgan and Facebook.

Keiser is a big believer in Bitcoin, but not as fond of the massive altcoin market behind it.

Should XRP be worried?

Keiser has a point about the power of a coin backed a company of the magnitude of Facebook, but he may be stretching things a little with GlobalCoin’s reach.

XRP’s niche is, and always has been, towards banks and making partnerships there. On the other hand, GlobalCoin will be a broad token, but one targeted at individuals rather than businesses.

Questions continue to be asked about the interoperability of blockchains, and perhaps that is where this arms race will be headed. XRP can be a banking solution, and GlobalCoin one for the people, but there should be a drive to be able to get them to work seamlessly together.

Cover image via www.freepik.com
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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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