Bitcoin is up by about $1,000 today to near $12,900 at the time of writing on increased unfiltered volumes of $33 billion.
It almost touched $13,000 today, and stands inches from overtaking it with summer so bringing hope and relief.
Now that’s the chart we’ve all been waiting for, a nice big U. There’s hardly much resistance now until $17,000, but who knows.
The big question is of course whether it can take $20,000 and then surpass it and stay there or above, so completing that U shape.
For eth, the story is roughly the same, nearing European style treefiddy where they use dots to mean commas.
It’s not $350 yet, standing at $345 at the time of writing, but this rise for eth has been on increased unfiltered trading volumes of $13 billion.
As can be seen, ethereum too has begun to make a U shape, but far smaller than bitcoin with eth just beginning to recover.
As predicted, eth smoothly went through the $324 meme, with resistance now at $500 once it crosses about $370 going by past price actions.
From there $700 would be some resistance, with then the ATH itself which for eth is a long way off, but for bitcoin it’s kind of, it looks within reach.
The two are at a different stage with eth being more bitcoin in 2015-16, while bitcoin itself is now carving a new path so only 4chan claims to know what it will do.
Beyond memes, there’s fundamentals leading to this price rise, starting with Chinese citizens finally figuring out how to bypass restrictions and join the global millennial’s revolution.
The rolling out of testing of regulated bitcoin futures by Bakkt next month may be another reason for the rise.
Continued monetary mismanagement provides ample reasons for bitcoin adoption, with it appearing to be mainstream in usage in Venezuela to the point they keep sending peer to peer bitcoin trading volumes even in Colombia up and up.
There’s also the halving next year as is the US election which could be quite difficult to call or even to pass judgment as an independent.
If Trump does get back into the whitehouse, usually during the second term after sorting out the big issues they have some time to look at the smaller issues, like SEC chocking the economy due to ancient, outdated, and even barbaric discriminatory laws.
We could go on with Brexit, Hong Kong and much else, as we could go on with the fact that bitcoin is rising as that it still stands is a marvel.
It has gone through so much, and bitcoiners themselves have knowingly or otherwise tried to break it or control it, but no one could stop it or control it.
That’s beauty, with many now beginning to think this is truly the future as after a decade bitcoin has now fully proven itself.