Few people would have expected it after a slippery slide down in the first weeks of June, but the weekend has seen some of the biggest surges in Bitcoin price valuations in over a year. Even after yesterday’s eye-watering gains of 12% to USD 10,898, it continued to peak in the hours thereafter, recording a 2019 high at USD 11,190 around 1:45 pm UTC yesterday (CoinDesk).
It did crash quite spectacularly in the following hours, shedding almost everything from the past 24 hours as it plumbed a low of USD 10,337 in less than half a day, owing to profit-taking during North American hours as traders looked to book in unexpectedly quick gains above USD 10,000.
Nevertheless, the activity in Asian markets looks as strong as ever, with buying appetite pushing price back up before settling around USD 10,600 today (10:30 am UTC). Monday is still a full day away for North America, so it will be of interest to see what kinds of conditions traders there will be left by Europe when they enter in about 5 hours.
The rest of the crypto market is also still catching up, with most still posting positive gains despite the Bitcoin retracement; a clear indication that sentiment has not only improved but sustained.
The ultra bulls have certainly gotten bolder, with 6 digit US dollar valuations now becoming more pronounced, such as one trader’s view that half a million is the milestone at the next parabolic cycle:
The last time price pierced the bearish cloud on the weekly for the first time after the end of a bear market, price went on to increase >5000%.
Should history repeat, that would put price at $500k at the end of next cycle.
— HornHairs 🌊 (@CryptoHornHairs) June 21, 2019
Late entrants who bought Bitcoin towards the end of 2017 and 2018 will be getting a lot of joy from the current fortunes of the world’s most-recognized crypto. Some hodlers will feel they are being rewarded for patience, finally seeing price return to the levels they were when they first bought them:
$btc is less than $200 off my original entry price!! 😱😱
— Bosco Bought Bitcoin 🇮🇪 (@BitcoinBosco) June 22, 2019
Image Courtesy: Pixabay