Right now, Bitcoin is pulling back from weeklong highs, but in a more general context, it still could be characterized as inching toward $10,000, since just a few weeks ago, BTC stood under $9,000.
Omkar Godbole at Coindesk chronicles the recent correction in Bitcoin value and suggests a support might be the Nov. 4 high of approximately $9,560.
“Bitcoin is feeling the pull of gravity at press time, despite having confirmed its longest daily winning streak since September on Sunday,” Godbole writes this morning. “The top cryptocurrency by market value dived from $10,197 to $9,732 during the Asian trading hours and is currently trading at $9,850, according to CoinDesk’s Bitcoin Price Index.”
However, elsewhere at Coindesk, one of the long-term Kraken guys, Dan Held, discusses the bigger picture with reporter Nathaniel Whittemore. As a major crypto exchange, lbeit with its issues in the state of New York, Kraken is a source of authoritative crypto knowledge in many ways.
Held’s analysis shows how Bitcoin is poised to do better this time if it breaks $10,000, because of certain realities:
First, Held points out that the “halving event,” which is now approaching in May, is commonly thought to provide more ballast for Bitcoin after the mining rewards are changed.
Secondly, he cites broader institutional buy-in.
“Institutions are no longer just around the corner but actively participating in the market,” Whittemore writes, characterizing some of the sentiments held by Held and others.
These are the kinds of sentiments that are pushing Bitcoin up and up. In fact, some enthusiasts believe it’s going more slowly than it would if people really factored in the true market context.
Think about these balanced reports today as you adjust your crypto portfolio.