It’s been over 10 years since Bitcoin’s creation and there are still those who are skeptical of its value. Back in 2013, Crypto enthusiasts were urging their friends to invest in the currency when it only cost $100 per coin. In that Bull Run, Bitcoin went up to $1,000 before coming back down. In 2017, the currency shot past its former all-time high and reach an unthinkable milestone of $19,600. After hitting a low of $3,000 back in March of 2020, many thought Bitcoin was over.
Then, in May of 2020, the Halvening took place which is a phenomenon in which Bitcoin mining is cut in half, creating a supply shock. Since then, the price has skyrocketed and today, it reached a new all-time high of $60,000, and even at the time of writing this post, the marquee Cryptocurrency is holding that price.
Bitcoin had reached a high of $58,000 during the month of February although a correction came into play, with the price going all the way down to $43,000. This led to a reaccumulation phase where smart money investors bought the dip, and now, they are being rewarded for their patience.
It remains to be seen how long the Bull Run will last and what the peak will be in terms of price action. Some enthusiasts believe the price is going all the way to $500,000 while others have more conservative estimates of $100,000. Either way, Bitcoin investors are in for a wild ride and it seems like $60K might just be the beginning.
