The Bitcoin price exceeded $ 10,000, surpassing the key psychological level, reaching its highest point since October last year.
“10,000 is just the beginning”
For many, $ 10,000 is just the beginning before the highest cryptocurrency reaches a much higher level. Anthony Pompliano, co-founder and partner of Morgan Creek Digital, believes that the price of Bitcoin could reach $ 100,000 at the end of 2021 due to limited supply and increased demand:
Bitcoin just hit $10,000.— Pomp ? (@APompliano) February 9, 2020
I still think that Bitcoin will hit $100,000 by end of December 2021.
Fixed supply. Increasing demand. Time will tell. #Bitcoin
However, Pompliano writes that only time will show how it all turns out.
Cryptoanalyst Willy Woo commented on Twitter that this breakout is supported by a strong fundamentals of investor activity.
This breakout is the real deal. Fundamental investment activity is backing this $10k breakout. pic.twitter.com/IDWmhXX2Mj— Willy Woo (@woonomic) February 9, 2020
In total, only 21 million bitcoins can be mined. About 18 million bitcoins have already been mined. Halving Bitcoin will take place in May this year, reducing its supply even further, at a rate of around 1.7% per year.
Since 2010, Bitcoin has exhibited a very high price volatility, stimulating a debate on the underlying reasons for economic operators to demand it. Most public considered bitcoins speculative in the short term. The price of bitcoins also rose sharply at the beginning of the US-China trade war at the beginning of last year.
It seems that most of the cryptocommunity and analysts are expecting growth now. But only time will tell whether they were right or whether skeptics would be right. The price of Bitcoin has now fallen slightly, but is still above $ 10,000. Which side do you prefer?