Will Bitcoin break $10,000 this week?

Bitcoin

A little bit ago when Bitcoin was at $5,000 I thought that just had to be as high as it could go, now this week the cryptocurrency is expected to cross the $10,000 mark. I’m one of those people who bought Bitcoin years ago, and sold it for more than 2x what I paid…but looking back now it’s painful to calculate how much that would have been worth (I had 8 Bitcoin so as of this writing it would have been worth $76,000) .

So when Bitcoin hit $5,000 I thought…okay, it has to come down at some point, I’ll buy in again at a dip. Now I wish I just pulled the trigger and bought then since it now feels like Bitcoin might never dip below $5,000 ever again.

Of course, like everyone else interested in cryptocurrency, I have very little real data to base an investment decision on. Yes, I could come up with a compelling case based on the number of big companies and banks embracing Bitcoin, the economists that have talked about it’s bright future, or just the fact that it is the top news story in the financial world pretty much every day. I could also dive into charts and trend analysis, but that’s a whole other can of worms. While I’d love to say, “I’ve done the research and here’s when I’m going to buy,” the reality is when I buy (and when most people buy) it’s going to be a lot more random, no matter how much me (or you) try to convince ourselves that we’re investing based on data…it’s just too new and too volatile to really know.

With Bitcoin (and cryptocurrency in general) it looks like you really have to go with your gut and take a risk. It’s no secret that cryptocurrency is incredibly volatile so while Bitcoin could be $20,000 next year, it could also drop to $100 – nobody really knows. That being said, it’s feeling less and less likely that Bitcoin is going to crash so the question is, how high can it go?

This week Bitcoin is expected to hit $10,000 and as of writing this post it is currently at $9,525 up 2.13% so far today. For those who like to get geeky and analyze the charts, here’s what Coindesk is seeing in the data:

With the rising trendline (pattern of higher lows on price chart) well and truly intact, bitcoin looks set to test $10,000 today, and may even extend the rally to $10,400 levels as suggested by the bull flag breakout discussed on Nov. 20. (Source – CoinDesk)

So what do you think? Will Bitcoin break $10,000? If so is it still a good buy at this price or at we at the peak? If we’re not at the peak, how high could it go? I want to hear from you – comment and let your voice be heard!

{ 19 comments… add one }

  • JZ November 27, 2017, 11:33 am

    probably but it will also go back down to 1-2k at some point most likely. the only reason bitcoin has value – is because people decided to believe it does.

    Reply
  • Shane November 27, 2017, 12:28 pm

    That could be the greatest quote of all time

    “The only reason bitcoin has value is because people decided to believe it does”

    As opposed to gold that has countless real life dependent uses like rapper chains, tooth fillings from 1952, and bracelet that a 5th grader saves their allowance for and gives to his girlfriend

    Reply
    • JZ November 27, 2017, 12:54 pm

      Gold has a huge history..bitcoin. Not so much. Maybe in 3000 years people will view bitcoin like gold is viewed now, who knows but the quote still stands. bitcoin’s value lies in the believers.

      Reply
    • Jin November 27, 2017, 2:11 pm

      True, I agree with you.

      Any currency that exists out there has a value, because people believe it has value. What happens to the Venunzela currency? etc

      I have been holding LTC when it dropped to 39 usd 3 months back when the China the closed their couple bit exchanges, people panicked, and now its back to 91. I remember when i sold all of it at 92 3 months back as well, and picked it alot ore at 39 🙂

      Again, the key is when to sell. LTC will go close to 200, in next year of time, if BTC is hitting 10k plus.

      I could have picked up BTC at 3300 same time i picked up 39 LTC each, but again, LTC makes more sense to me, better calculated risk.

      Reply
      • Andrea Paladini November 27, 2017, 2:26 pm

        Your macroeconomics skills are very poor if you compare crypto-currencies to a real currency like Venezuela bolivar.
        What occurred to Venezuela’s currency has macro factors behind it, there is a living and producing country behind it, real assets (even if in bad shape due to wrong economic policies, external attacks for geopolitical and natural resources reasons, etc), while crypto-currencies have NOTHING behind them …
        As for LTC, that’s gambling, not investing … a widespread mentality in China these days … but at the end many will be left holding the (empty) bag, same for other bubbles (real estate, etc) you have there … good luck.

        Reply
        • jin November 27, 2017, 9:06 pm

          ok, before making me work on my microeco- or macroeco – , tell me how much success you have achieved in domaining? are you making a killing via domaining? work on that first. Also as far crypto is concerned, anyone who is not investing or missed an opportunity to get on board earlier on, Most of them will say that crypto is ponzi or scam etc. Keep at it, and also keep on going and bashing crypto on all blogs.

          Enjoy bashing, you are probably one of those who may have also missed on buying 90’s .com domains premium ones. So go ahead go to every blog and reddit and keep bashing. I am out of it. While I make money you go on forums and bash crypto

          Reply
          • jz November 28, 2017, 7:51 am

            Just remember..until you cash out you haven’t made anything.

    • Tony November 27, 2017, 2:19 pm

      You can’t fabricate new gold out of thin air. You can create cryptocurrency though. Bitcoin is too complicated for the average person to use so I just don’t see how it goes mainstream. It is being traded between gamblers.

      Reply
    • RaTHeaD November 28, 2017, 4:06 am

      Mr. Cultra, what you’ve just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it.

      Reply
  • Andrea Paladini November 27, 2017, 1:04 pm

    IMHO too many people are confusing blockchain with bitcoin.
    I think blockchain is an interesting technology, particularly to improve digital payments.
    That said, Bitcoin and the other “crypto currencies” are just a bubble, a Ponzi scheme-like hype, no underlying assets, no equity value, no revenue streams, not regulated, … it’s fools money …
    Without mentioning that “crypto mining”, which I define “the business of nothing”, has a horrible environmental impact, due to its huge energy consumption.
    While many of the ICOs around these days are scams …
    Why so many ICOs (Initial Coin Offerings) around? Because many people want to raise money without any accountability (and responsibility) towards investors. Many of them are scammers, or people who wouldn’t be able to access funding because their “business” has a poor or no real business model.
    I think blockchain will remain, but crypto-currencies frenzy will end very badly … beware folks! 🙂

    Reply
  • Michael November 27, 2017, 1:30 pm

    Bitcoin is real interesting now! and it’s not a tulip, people are buying real stuff with them. The blockchain is very simple and a cool idea. They should use it in the next election to stop fake voters! When I tell people about bitcoin and they are like I can’t afford that and then I tell them they can buy a small piece of it they get it. So its not like a stock. New prediction for 2017! bitcoin will get to $100,000 and be completely stable! I am really thinking about taking bitcoins for payment soon. I haven’t done it yet but I think I will.

    Reply
  • John M November 27, 2017, 2:07 pm

    Bitcoin is about to correct in a BIG way. That bull flag is only on a 4 hr chart-doesnt mean a thing. Best guess is it gets to $10,500 ish before it stalls and corrects-the macd is stretched and the coppock curve is pointing DOWN not up. I wouldnt buy this here with your money never mind mine. The easy money has been made-at least for now-let’s see if im correct. Great post Morgan-thank you.

    Reply
  • Anunt November 27, 2017, 11:23 pm

    i sold all my btc, eth, ltc today with huge gains…
    it may go much much higher but i am out and very happy!!!
    Waiting for next correction…
    Best time to buy is…this works every time…
    Wait for a correction and a bounce…
    when it drops $500+, don’t buy then…keep waiting…let it keep dropping…20 to 40 percent…
    You will know when the correction is over when it bounces back up +$500…
    This is when you start buying again.
    Last big drop was from $7700 to $5400…
    Once it bounced from $5400 to $6000, it was time to buy again at $6000.
    Buyers always come in and drive prices higher once it bounces.
    Other previous big drop was from $5000 to $2900…then bounced to $3500 which was time to buy again.
    Other Big drop before that was from $2900 to $1800 and bounced to $2300 which was time to buy again.
    These corrections are a gift.
    Waiting for my next gift.

    Reply
    • John M November 28, 2017, 3:52 am

      Any thoughts on the best outlet to buy bitcoin or the others re safety cost etc? Thank you.

      Reply
    • Tony November 28, 2017, 7:17 am

      My rule of thumb for investing is: Once Anunt is involved, it’s really time to get out.

      Reply
    • jz November 28, 2017, 7:50 am

      How much are you investing at a time? When one coin costs so much it’s a lot of money to tie up buying 10 to 20 at a time and then waiting to cash out.

      Reply
  • Anunt November 28, 2017, 9:23 am

    Tony maybe correct…be careful…LOL

    Reply
  • Anthony November 29, 2017, 9:02 am

    Morgan, a few posts ago you had discussed the correlation between bitcoin and domain names, both being digital assets. Do you know if any place where you can currently sell domains and get paid via bitcoin or other cryptocurrency?

    Reply
    • Morgan November 30, 2017, 11:32 pm

      @Anthony – that’s a great question, let me whip up a post about that and let my readers share since I can’t think of one off the top of my head.

      Reply

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