U.Today – Nine years ago, when the price was just $400, it was a “death sentence.” This negative prediction, which predicted that Bitcoin was on the verge of collapse, was proven spectacularly wrong as Bitcoin continued to grow and reach new highs.
Nine years ago, on January 19, 2016, the Washington Post published an article titled “Rest in Peace, Bitcoin. It’s Time to Move On,” announcing the demise of Bitcoin, which was worth nearly $400. declared. Bitcoin has now defied this prediction, reaching an all-time high of $108,268 in December of last year.
Bitcoin historian Pete Rizzo highlighted this fact on X, sharing a screenshot of a 2016 article that reflects how the narrative around Bitcoin has changed dramatically over the years. The arguments in this article, made at a time of uncertainty for cryptocurrencies, highlight the stark contrast between past skepticism and current reality.
Since that call, Bitcoin has been on an incredible journey. Bitcoin has skyrocketed from its then-value of $400 and is now trading at over $103,000. Bitcoin has once again crossed the $2 trillion milestone with a market capitalization of $2.05 trillion. This impressive growth is being driven by increased adoption, institutional interest, and growing awareness of Bitcoin’s potential as a store of value.
Bitcoin price outlook
At the time of writing, Bitcoin was up 6.25% in the past 24 hours to $104,164. According to Glassnode, Bitcoin’s current price is trading above its one-year average of $90,900, indicating that the market remains bullish, although it has cooled somewhat from the recent high above the upper band. It shows that we are in a situation.
The outlook for Bitcoin remains bullish. Bitcoin price behavior over the past few days has validated two important levels flagged by on-chain data. Support is at $89,000, but it is roughly aligned with the short-term holder realized price of $88,500 and resistance just below $98,000, the highest cumulative level above the spot.
According to Glassnode, demand remains relatively strong given Bitcoin’s recent correction, but a significant portion of the bubbles have exited the market.
This article was originally published on U.Today
