Bitcoin (BTC) price again reached an all-time high in 2021, as values exceeded over 65,000 USD in February 2021, April 2021 and November 2021. The first two were due to events involving Tesla and Coinbase, respectively, whilst the latter. Tesla’s announcement that it had acquired 1.5 billion U.S. dollars’ worth of the digital coin as well as the IPO of the U.S.’ biggest crypto exchange fueled mass interest. The world’s most well-known cryptocurrency, however, suffered a notable correction in April after speculation on government regulation. Another reason, according to experts, was an electricity blackout in the Xinjiang region in China. This unexpected development led to a decline in the Bitcoin hashrate - how many Bitcoins are being mined – and potentially spooked investors into selling their assets.
Sunday, April 17, 2022
History of Bitcoin - A 5 Minute Timeline of Major Events
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Bitcoin (BTC) in the Eye of the Storm, According to Glassnode Co-Founders — Here's Why #Bitcoin #BTC #cofounders #Crypto #Eye #Glassnode #storm The co-founders of leading analytics company Glassnode are warning Bitcoin-Traders that the current macro backdrop could trigger another sell-off event f...
PlanB Explains Why Bitcoin Won’t Drop to $24.5K Again
Only a black-swan event, according to PlanB, the author of the bitcoin Stock-to-Flow (S2F) model, could bring Bitcoin's price down below $24,500. Although the anonymous Twitter alias has been known to miss Bitcoin price predictions in the past, he remains enthusiastic on the commodity, predicting that it would reach $100K by the end of the year.
The bitcoin analyst with over 1.7 million followers on Twitter said in a tweet (https://twitter.com/100trillionUSD/status/1514915450525827073) that he doesn’t see a reason that would bring bitcoin’s price down to its current realized price (average cost price) at $24.5K. He also noted that there were only three times that such a capitulation occurred in history.
• Bitcoin SV (BSV) forking in 2018, Bitstamp, and Mt. Gox being respectively hacked in 2014 and 2011 were incidents – in PlanB’s view – that pushed BTC down below its realized price level
Willy Woo, another well-known Bitcoin expert, disagrees that BSV forking was to blame for Bitcoin's steep price slide below important support levels in 2018; instead, he feels the "effect of whale control of BitMEX perps at full scale" was to blame. BitMEX was one of the most well-known cryptocurrency exchanges in the world when it was founded in 2014. It became the most popular derivatives product at one point with the launch of "perpetual futures" in 2016, which were designed to entice traders interested in leverage trading.
Despite the fact that PlanB's previous prognosis of Bitcoin hitting over $100K in 2021 failed to materialize, according to his "floor model," the analyst predicted in February that BTC would achieve a six-digit price before the end of the year.
Despite the fact that PlanB's previous prognosis of Bitcoin hitting over $100K in 2021 failed to materialize, the analyst predicted in February that BTC will reach a six-digit price tag by the end of 2023 using both the S2F and the logarithmic regression.
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