Yesterday, the price of Bitcoin briefly passed over $10,000–shooting up from roughly $9,700 to around $10,120 over the course of several hours, in the first stage of what turned out to be a nearly perfect ‘Bar pattern,’’
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As described by user ‘JamesRKaye’ in a post on Trading View, a Bart pattern is “characterized by its sudden rise in price, sideways movement, then sudden drop,” forming a line that resembles the hairline of Homer Simpson’s only son.
However, before the latter half of the pattern was formed, Bitcoin enthusiasts across Twitter started making their predictions that this time–surely this time–would be the end of Bitcoin below $10k forever.
“I don’t usually make predictions. But this is too obvious not to call. We will never see Bitcoin below $10k again,” wrote Twitter user @hodlonaut around 10.30 CEST on June 2nd.
I don’t usually make predictions.
But this is too obvious not to call.We will never see Bitcoin below $10k again.
— hodlonaut 🌮⚡🔑 (@hodlonaut) June 2, 2020
Not quite as bullish, Mati Greenspan, market analyst and founder of Quantum Economics, also tweeted that “this MIGHT be your last chance to buy Bitcoin under $10k.”
This MIGHT be your last chance to buy Bitcoin under $10k. 🔥🚀🌛
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) June 2, 2020
(It wasn’t.)
$10k is still a sticking point for BTC
Still, BTC’s brief and most recent foray over the $10,000 mark and back again begs the question: why does this keep happening?
Indeed, Bitcoin has been on a trajectory to sustain a pass over $10k for quite some time; however, each time Bitcoin does make it over the $10,000 mark, a similar pattern of events seems to follow: there’s a bit of hullabaloo about how this time is the time that Bitcoin will stay over $10k, and then Bitcoin falls back under $10k (where it stays for weeks, or even months.)
Going to make a prediction and say that we will see Bitcoin below $10k again. pic.twitter.com/oVQWsE2i54
— Charles (@CryptoCharles__) June 2, 2020
Alex Mashinsky, founder and chief executive of Celsius Network, told Finance Magnates that this pattern of rising and falling around the $10k mark is par for the course–we could be in for a longer period of false starts: “I flagged several times [that] we will ‘kiss’ $10k and go back,” he said.
However, Mashinsky said that in the greater scheme of things, the crypto world has never had such polarized views about where Bitcoin is headed next: “in the past four years, I have [never] seen more contradicting views betting all they have with such conviction [than now],” he said. “At Celsius, we see record borrowing of both dollars to go long and BTC to go short, as the bulls and the bears battle it out.”
Did political unrest briefly drive the price of Bitcoin past $10,000?
What drove Bitcoin past $10k this time…
Read more:As Political Unrest Unfolds, Bitcoin Tests $10k Again–Will it Stick?
