Bitcoin’s incredible 2017 bull run continued today as the price hit $12,000 USD on Coinbase. It’s less than a week after it hit $9K, suggesting gains are now happening exponentially. Of note, Bitsonline‘s technical analyst Ramiro Burgos called $12,000 exactly a month ago on November 6th — it seemed like a crazy idea even then, as the bitcoin price sat at an all-time-high of just $7,000.
At press time, bitcoin was sitting at $12,131 on Coinbase, and $12,469 on the broader Bitsonline/BitKan price average:
Burgos’ piece, titled “Bitcoin Price Projected to Reach $12,000 After Earth-Shattering Rally” suggested the introduction of bitcoin price-related futures at CME had caused the rally. That’s despite the coming futures products, also from CME’s competitors CBOE and Cantor, being cash-settled “bets” on bitcoin price that don’t deliver any actual BTC.
Even so, doubters scoffed at the $12K suggestion and even Burgos warned the price could drop back to a support level at $6,500 before going higher. In fact, it dropped briefly below $6K soon after, before rebounding.
Bitcoin Still Building Honey Badger Cred… Maybe
Exuberance from some source or another has taken hold of Bitcoin, throwing off challenges that would’ve sunk the price in years past. Is that source something we haven’t found yet? Or is Bitcoin developing “antifragile” resistance to bad news, in the tradition of its early “Honey Badger Don’t Care” memes?
Despite the constant threat of an imminent “flippening” by its rebellious child Bitcoin Cash, it’s BTC that still has the upper hand. Even a dire warning from a senior People’s Bank of China official was tossed aside like a used tissue.
Now India is reportedly banning the import of ASIC mining hardware, and its central bank is once again warning that cryptocurrency use may be illegal. It’s not having any big effect.
Plenty of Traps Remain for the Unwary
It’s not all optimism though. Even within the community, several analysts have warned of possible links between bitcoin price and Tethers. Note that BTC did drop recently on news that a hacker had stolen $31 million worth of the USD-pegged cryptocurrency.
That theory — which is just a theory and remains unverified at this point — goes that Tethers are being created especially to buy bitcoin and inflate the price.
The upshot is, there’s still plenty of speculation on both the up and downside — and to paraphrase Donald Rumsfeld, many unknowns of the known and unknown variety. Will it go to $20K and above next? Or to the potato? That is (literally) the million dollar question.
What’s your take on the next move for BTC? Let us know in the comments.
Images via Pixabay, Reddit