There is only $ 2,000 left to overcome the highest historical price of Bitcoin.
According to analysts, the bullish stage is just beginning.
Market cycles play with your perception of time. They make you reconsider the linearity of time. Everything feels like Déjà vu. Are we in 2017? A month ago, Bitcoin was trading at $ 11,000. A week ago the price was $ 15,000. Today Bitcoin is over $ 18,000.
Bitcoin surpassed $ 18,000 on November 18. Source: CoinMarketCap
The growth line is so vertical that it is dizzying to look down. History repeats itself in market cycles. It seems clear that the accumulation phase of this cycle (the one that occurs after the price of an asset has bottomed out and investors begin to open up on the asset), begins to give way to the bullish phase. March was the best time this year for the accumulation, after Bitcoin bottomed out at $ 4,121 (sounds like a gift, huh?), A price that Bitcoin had not had since March 2019. Those who capitulated, thinking that the price would only go down, they gave their coins to those who had a longer-term investment horizon.
Now the hike begins. The bull run, as investment jargon goes. The price grows extremely fast. The uncertainty and doubts that existed during the fall are beginning to give way to trust and greed. Market sentiment shifts from fear of losing to fear of being left out, the much feared FOMO. The price grows by thousands a day. In 2017 it was also like that. From November 17 to December 17, the price of Bitcoin went from $ 7,000 to $ 20,000. Let’s remember this meme from back then:
2017 Bitcoin price meme.
For many analysts, this bullish phase in the price of Bitcoin is just beginning and could extend for several more months, although it would make sense for movements as vertiginous as the current ones to present their due momentary corrections.
Although there are those who project a ceiling of USD 300,000 or up to USD 500,000 for this market cycle, it should be remembered that, As a cycle, this does not mean that the price will remain permanently sustained at those levels. once they are reached. That is why it is about cycles; and the bull phase is usually followed by the distribution phase, to move to the bear phase.
Yes, there is a lot of institutional money going into Bitcoin. Many publicly traded companies are protecting themselves against the potential devaluation of fiat currencies in this cryptocurrency and project very long-term investment horizons, which makes this growth much more organic and has a much more solid and founded support than the of 2017.
However, it is important to be cautious. Do not invest more than you are willing to lose is a valuable adage (although, as Ray Dalio recommends, it would be good to find some refuge other than cash). Don’t get carried away by investment gurus who are very likely to appear in this bull phase. From CriptoNoticias we write some recommendations to take into account during periods of rise. Remember that, in the markets, the exit gains of one, may be the entry losses of another.