Bitcoin Status Update

The Financial District awoke this morning to Bitcoin trading at $8510, a level we haven’t seen in some time.  Bitcoin hodlers, in for the long haul, uniformly agree that there will come a time when Bitcoin, resuming it’s advance, does so with a vengeance.  Current prices somehow feel different from those we’ve seen in recent months. They might be the same prices but they certainly feel different on the =way up than they did on the way down.  Perhaps this is the rise they have foretold.  It makes sense, too.  For these Bitcoin holders, the biggest fear is the fear of missing out.  If there is a perceived price rise, these folk are more apt to jump back into the fray than most any other investor pool.

bitcoin price

One year Bitcoin price chart, from April 20, 2017. From a low of $1244 at the beginning of the year until the price topped out at $19,343 on December 16th, Bitcoin could not be stopped.  Since then Bitcoin has fallen to a low of $6914 on February 5th and again to a lower low of $6618 on April 6th.  

The last time Bitcoin rose more than $2200 from a new low was in February.  It managed to stay at that level for two weeks before resuming its fall.  Bitcoin has already recovered $3400 from its April 6th low and has done so in a solid, steady advance.  Hodlers looking at this progress now are more likely to feel a FOMO than a feeling it can’t go much higher.