- Bitcoin continued its post-election day surge on Thursday, punching previous $15,000.
- The digital token’s excessive of greater than $15,200 in Thursday afternoon trades represented its highest degree since January 2018.
- In January 2018, bitcoin was within the early phases of unraveling a lot of its earlier 12 months’s beneficial properties because the cryptocurrency deflated from a excessive of practically $20,000 in December 2017.
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Bitcoin continued its weeks-long surge on Thursday, rising greater than 8% to go $15,000 for the primary time since January 2018.
The digital token’s newest rally, greater than 30% previously month, comes as the result of Tuesday’s US presidential election stays unsure.
That backdrop of continued election turmoil, coupled with the prospect of continued authorities spending and straightforward financial coverage no matter who wins the presidency all solidify one factor: bitcoin is again in demand.
With a excessive of greater than $15,200 in Thursday buying and selling, bitcoin hasn’t sat at this degree because the early phases of its late 2017 bubble unraveling when it topped out at just under $20,000. The cryptocurrency went on to fall as a lot as 80% from its peak over the following 12 months, bottoming out close to $3,700.
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Late final month, Fairlead Methods founder Katie Stockton said bitcoin was set to break above its $14,000 resistance degree on “constructive long-term momentum” and “room to overbought territory.” Now, merchants seemingly have their eyes set on clusters of resistance close to bitcoin’s all time excessive of just below $20,000.
“The breakout places [the] subsequent and last resistance on the excessive from 2017 above $19,500,” Stockton instructed Enterprise Insider on Thursday, including that it might consolidate sideways for a couple of weeks earlier than reaching these ranges.
“There are some indicators of short-term upside exhaustion from an overbought/oversold perspective, supporting a couple of weeks of consolidation, however we might see this as wholesome from a technical perspective,” Stockton stated.
Help for bitcoin is at the moment across the $12,500 degree, Stockton added.
There’s even potential for bitcoin to surpass its all time excessive and surge past the $20,000 level, JPMorgan believes. The financial institution sees the potential for bitcoin to greater than triple in the long term because it turns into a extra acceptable different to gold amongst buyers
“The potential long-term upside for bitcoin is appreciable because it competes extra intensely with gold as an ‘different’ forex we imagine, provided that Millenials would turn into over time a extra necessary element of buyers’ universe,” JPMorgan stated.
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