Bitcoin (BTC) has now traded above $ 10,000 for an entire year as expectations demand $ 100,000 before the end of 2021.
As hodlers eagerly await new all-time highs, BTC price action is celebrating the first of what is likely to be many birthdays.
BTC / USD: one year in five digits
On Thursday, BTC / USD officially hit 365 five-digit trading days.
A year ago, on September 9, 2020, the largest cryptocurrency slowly moved into the $ 10,000 zone, never to return.
A month later, it was only $ 1,000 more, but moving quickly to the end of Q4 2020, and the situation was totally different – Bitcoin was trading at $ 28,000.
The transformation is widely expected to repeat itself this year. As TBEN reported, even the “worst case scenario” for BTC / USD is $ 135,000 as of January 1, 2022.
Even mainstream finance has rallied around the concept of a bullish continuation, most notably this month in the form of Standard Chartered, which predicts a cyclical high of $ 100,000 this year.
Peak high predictions for this bull cycle:#Bitcoins to $ 275,000-350,000 #Ethereum at $ 7,500-12,500#Peas at $ 100-150#Chain link at $ 100-150
-> #Cardano at $ 3-5#Zilliqa at $ 0.80-1.20#Ripple at $ 0.50-0.60
Predictions from January, #Cardano will probably go to $ 10. https://t.co/NksnLIEQo4
– Michaël van de Poppe (@CryptoMichNL) September 12, 2021
As you zoom out, the predictions get even higher. Cathie Wood, Founder, CEO and Chief Investment Officer of Ark Invest, estimates that Bitcoin will reach $ 500,000 by 2026.
As of this writing, BTC / USD is hovering at $ 47,500, having broken what some feared to be strong resistance overnight.
Related: Bearish Flag Breakdown Confirmed? 5 things to watch in Bitcoin this week
With profitable days, as always, accounting for 99.9% of Bitcoin’s lifespan, few bearish voices were audible in cryptocurrency circles five months after its most recent all-time highs.
“Despite selling over 50% in May, a strong rally from the $ 29,000 lows, and now another big sell off this week, HODLers do not appear to be phased,” summarized analyst firm Glassnode. in its latest weekly newsletter.
As TBEN also noted, long-term holders now represent more of the BTC supply than at any time since before the main part of the bull market started in October. Foreign exchange reserves, meanwhile, are at their lowest since February 2018.