Bitcoin passing $10,000 is just the beginning of the bull run and the real parabolic phase will begin after $20,000, new research claims this week.
BITCOIN CURRENTLY IN ‘STEALTH PHASE’
According to the market analyst known on social media as CL, bitcoin returning to the significant $10,000 barrier is exciting for longstanding market participants, but not for the public.
Lay consumers, a dedicated report says, will only show real interest once BTC/USD passes its existing all-time high around $20,000.
What is surprising… or unsurprising, is how little the public knows about this. Less informed people still think Bitcoin was just a craze, or that it is still currently trending toward zero
“What’s more, data suggest that Bitcoin is currently going through the initial ‘stealth phase’ of its bull run… This means that Bitcoin’s bull run has only just started and have (sic) ridiculously more room to grow before the next cycle top.”
The report surfaced on June 24, when BTC was tackling $11,000. Since then, a new peak has emerged at $13,800 before an expected correction took the price down to $10,380.
Bitcoin then bounced off fresh support to retake $11,000 again on Friday, with BTC/USD currently around $11,800 as yet another growth spurt kicks in.
MAYER MULTIPLE: $21K IN 2019
Cryptocurrency is slowly returning to public consciousness, thanks mostly to mainstream media articles which nonetheless continue to criticize its volatility. For CL, however, current phenomena such as an uptick in Google search popularity are background noise.
“In fact, there (are) as much Google searches for ‘Bitcoin’ today at over ($10,000) as in 2013 when Bitcoin was only at ($1,000).”
As Bitcoinist reported, analysts remain broadly divided over both the causes of the current bull run and where it is heading beyond the immediate short term.
Theories range from Facebook’s cryptocurrency unveiling to institutional interest and geopolitical uncertainty, while technical indicators attempt to chart what is likely to happen next.
One metric, Trace Mayer’s Mayer Multiple, which divides the current Bitcoin price by its 200-day moving average, suggested this week that a fairly-valued price for BTC by the end of 2019 is $21,000.
This would handily place Bitcoin above its all-time high, allowing for CL’s public interest – and potential associated ‘FOMO’ (‘fear of missing out’) – to kick in.
Original article written by Anja Van Oosterhout at Bitcoinist.com