Bitcoin’s Stunning Comeback: From ‘Death Call’ to $108,268!

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Approximately nine years ago, a pessimistic prediction about Bitcoin was made when its value was around $400. This prediction suggested that Bitcoin was close to collapsing, but it has since been clearly contradicted as Bitcoin not only survived but also continued to grow and set new record prices.

Nine years ago, on January 19, 2016, an article titled “R.I.P. Bitcoin: It’s Time to Move On” was published in the Washington Post when Bitcoin was valued at nearly $400, predicting its end. However, Bitcoin has proven this prediction wrong by reaching a record high of $108,268 last December.

#Bitcoin price: $400 💀

— The Bitcoin Historian (@pete_rizzo_) January 17, 2025

Bitcoin expert Pete Rizzo underscored this point on X, posting a snapshot from a 2016 article that showcases the significant transformation in public perception about Bitcoin throughout the years. The article’s assertion, penned during a time of doubt for cryptocurrencies, starkly contrasts with today’s reality, revealing how much skepticism has dissipated over time.

Over these past years, I’ve witnessed an extraordinary rise in the value of my Bitcoin investment. Back then, it was only worth $400 per coin. Today, I find myself astonished as I watch its trading price soar above $103,000. This digital gold has not only surpassed but smashed through the $2 trillion market capitalization barrier, standing tall at a staggering $2.05 trillion. The driving force behind this phenomenal growth has been an increased adoption rate, growing institutional interest, and a burgeoning acknowledgment of Bitcoin’s potential as a reliable store of value.

Bitcoin price outlook

Currently, as I’m typing this, Bitcoin has increased by 6.25% over the past day, reaching $104,164. Compared to its average price over the last year ($90,900), which is what Glassnode data suggests, Bitcoin is currently trading above that mark. This indicates that the market is still experiencing a bullish trend, although it has slightly pulled back from the extremely high levels seen recently, surpassing the upper band’s threshold.

The forecast for Bitcoin continues to be positive. Lately, Bitcoin’s price movements have corroborated two significant levels suggested by on-chain data: a strong support at approximately $89,000, which almost coincides with the Short-Term Holder Realized Price around $88,500, and resistance slightly below $98,000, marking the largest accumulation level above the current price.

After Bitcoin experienced a recent drop, it appears that a large amount of excess enthusiasm or overvaluation has been reduced, as suggested by Glassnode. However, they also note that the demand for Bitcoin still seems quite strong.

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2025-01-17 20:36