Bitcoin price is trading well above $19,000 and it is the last stop before reaching $20,000 and setting a new all-time high. With no further resistance above the former peak, will the cryptocurrency go fully parabolic and enter price discovery mode starting today? Or will a long-overdue correction unfold with the vast majority of investors sitting in profit?
Bitcoin Approaches All-Time High, Only Moments Remain Where Buying BTC Was Unprofitable
The first-ever cryptocurrency is on a complete tear, defying gravity and going parabolic over the last several weeks. From the start of November until now, the cryptocurrency has added another 40% to its now over 150% year-to-date returns.
At current prices, only one day remains – December 17, 2017 – where buying BTC was a losing investment. The unlucky few who hit “buy” that night and managed to snipe the exact top, have spent every day since at a loss.
Only a few hours Bitcoin traded at higher prices back in December 2017 | Source: BTCUSD on TradingView.com
But with every investor in the asset who bought any day outside of then in profit, could the incredible feat be the catalyst for the correction that thus far has never arrived?
This is Bitcoin, so anything is possible. While all of crypto is bullish on Bitcoin and had planned on holding for the next bull market top, the current disbelief rally blindsided everyone outside of the veterans with the most longevity in the space.
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A retest of $10,000 to $20,000 took a little more than a month, and now the entire world is watching crypto again. With Thanksgiving here, and the holiday acting as the catalyst for a bull market explosion and bubble the last time around, a repeat is very well possible.
And it all starts with Bitcoin taking out its former all-time high, which is set at around $19,800 depending on the exchange.
As a good rule of thumb, seeing Bitcoin trade at a price beyond $20,000 will be the final signal that the bull market has begun.
Featured image from Deposit Photos, Charts from TradingView.com