- Bitcoin has witnessed several pivotal events over the past years
- Bitcoin remains strong despite witnessing several bearish events
- Analysts point out some of the major bearish event Bitcoin has faced.
Bitcoin News Today – The world’s most dominant digital currency has been on a wide ride for the past couple of years. Bitcoin has experienced a lot of volatilities and it has borne witness to several crucial events that will help shape the future.
Most of these events have had bearish impacts on the digital currency, including the CME futures launch when Bitcoin tested its all-time high in December 2017. Other bearish events include the crackdown on the digital currency by the US government, the hard fork of Bitcoin SV, and more.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Remains Strong after Witnessing Several Bearish Events
Despite all these bearish events, the world’s most dominant digital currency has remained extremely strong. The digital currency has been able to its price steady around the $10k region and it has continued to attract new investors into the market at a very fast pace. Recently, a prominent crypto analyst pointed out six events that struck short-term blows to Bitcoin. The analyst said that the resilience of Bitcoin in the face of these events shows how strong the digital currency currently is at the moment.
The massive rally of Bitcoin (BTC) in 2017 comes to an end in December after it tested an all-time high of about $20k. The peak of the digital currency coincided close with the launch of CME futures, and this provided professional traders with the opportunity to go short on the digital currency. A digital currency analyst – PlanB – said that the launch of CME futures in 2017 was the first major blow that the digital currency encountered.
He also pointed to other factors such as the crackdown of ICOs by the US government, the hard fork of Bitcoin SV, the refusal of the SEC to approve ETFs, a disappointing Bakkt futures launch, and more.
“Bitcoin looking sharp after shrugging off: – 2017 CME futures FOMO & hangover – 2018 US government ICO crackdown – 2018 SEC approval ETF hope & delusion – 2018 BSV fork – 2019 Bakkt futures fear & relieve – 2020 [pandemic].”
Bitcoin’s Resilience might Result into Positive Price Action
The strength Bitcoin has shown over the past years against these bearish events is impressive. It is possible that the resilience of the digital currency might ultimately translate into positive price action. Recently, a crypto analyst pointed to a fractal pattern from late 2016. He said that if the fractal continues playing out in the coming weeks and months, the price of Bitcoin would surge to $14,000 or more. Chances are the price of the digital currency will see a strong boost from its strength over the past couple of years.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.