Bitcoin finally hits six figures

Fifteen years after the launch of Bitcoin, we’re actually
here. It’s been a wild ride and to think how much those 10,000 Bitcoins will be
worth when they were exchanged for two pizzas all the way back in May 2010.
Even if you’re not a fan or not a believer, you have to admit that Bitcoin has
introduced a new way to look at investing in general. And if anything else, it
has been a real transformative development to the financial industry and to the
world as a whole.

As we hit the $100,000
mark, what do you think is next for Bitcoin?

The latest jump today has been coming for a while. I’ve had this headline post saved up for two weeks already. It just needed some form of trigger. And that seems to be Trump’s pick for SEC chair here. The crypto market is welcoming the appointment of Paul Atkins, whom they are deeming to be pro-crypto.

I think as far as trigger points go, it’s not one that jumps out of the page too much. But it is enough to get traders acting upon after a lack of key catalysts since last week.

Considering
that this is sort of “the mother of all” big figures, at least taken
in that regard over the last few years, there’s only a few ways this may
play out in the short-term.

With price now hitting $103,000 on the day, I reckon there’s a chance of seeing a quick add of 5-10% gains before falling back largely on profit-taking activity. But I reckon traders might wait to see how broader market sentiment might play out after the US jobs report tomorrow.

The alternative is the more straightforward one. And that is for this usher in the new era for Bitcoin in establishing higher standards. With Trump’s victory and risk assets continuing to ramp higher, the conditions are ripe for meme stocks and cryptocurrencies to stick with the post-election momentum going into next year.

There are times when ignorance really is bliss when it comes to trading/investing. But as always, timing is everything.

What’s your take on Bitcoin from here?

This article was written by Justin Low at www.forexlive.com.