Today marks a year since Bitcoin was above $10,000; can we reach it again?

07 Mar, 2019 | Updated: 11 Mar, 2019
by Will Heasman
News
Today marks a year since Bitcoin was above $10,000; can we reach it again?

One year ago today on the 7th of February 2018, Bitcoin (BTC) cited over $10,000 USD for the last time. The evanescent highs of 2017/18 seem almost a lifetime ago now; regardless, they set an important precedent, a goal to reach for in the midst of the crypto winter.

It's hard to believe that just over a year ago, BTC was in the throws of one of the most explosive bull runs since the dotcom bubble of the 1990s.

Read more: Dotcom comparison: Bitcoin could grow by 30000%, equalling $600k per BTC

On December 17th, 2017, BTC almost managed to kiss $20k, reaching an all-time high of $19,895 before euphoria wore thin and the #1 began its slow decline.

Come February and despite a few dead cat bounces along the way, things were looking pretty dire, BTC had already lost around 70% of its value since December and things were seemingly taking a turn for the worse following regulatory clampdowns by China and South Korea.  

However, BTC had some life left in it and managed to retrace a fair bit of its losses, climbing triumphantly back up to $11,860 in March.

 

Obviously, despite the valiant effort this wasn't to be, and a few days later BTC was back below 10k where it, unfortunately, has stayed ever since…

Can we get back above $10K?

According to many analysts and speculators, achieving a price point of 10k and beyond isn’t simply a possibility, but rather an inevitability.

One of those speculators is Adam Back, CEO of Blockstream, and cypherpunk responsible for the invention of hashcash – a proof of work algorithm used in Bitcoin. Back went on record last year echoing Bobby Lee’s suggestion that BTC may flip gold and reach a price point of 250 – 500k in 5-10 years:

Another suggested price point comes from Tyler Winklevoss, one-half of the Winklevoss twins. Tyler believes, similarly to Back and Lee, that BTC will disrupt gold and appreciate by “30 to 40 times” within 10-20 years; citing golds market cap of $7 trillion as aim for BTC.

So, according to these experts, one day, we may look fondly back on $10k as a blip on a graph, rather than unrealized profit.

Until then, feel free to peruse the rest of Chepicap’s price predictions by experts! 

Read more: 

- 8 long-term Bitcoin price predictions by experts  

- 9 Bitcoin price predictions for 2020 by crypto experts            

- 6 old Bitcoin price predictions and how close they came to being true             

- 7 Ethereum long-term price predictions by crypto experts: $1 million?!

- Is Ethereum at $100,000 really possible?
               

4 Signals the next Bitcoin bull run may start Subscribe to the Chepicap YouTube Channel for more videos!

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