Finally, Bitcoin has reached levels not seen since March 2018. There is a ton of speculation as to why Bitcoin has been unrelentingly pumping, but the answer may be simple. The simplest answer is, the OTC market is out of available Bitcoin and demand has started to far overcome current supply in the market. Constantly, the top wallets have been accumulating Bitcoin since the 2018 crash creating this supply issue.
Bitcoin Price At $10,000
The lacking supply has brought BTC back to recognizable levels quickly over the past two months with Bitcoin blowing past the $6,400 dollar level and into the $8,000 dollar levels. Now with Bitcoin breaching $10,000, investor confidence has returned. There is no more talk of a “bear market” around the industry. Now the only talk is of when to hedge and when not to.
This revisit to $8,000 and $9,000 clearly pulled many reclusive heavy handed investors back from the depths of their hidden portfolios. Although, now that Bitcoin has blown past the unforeseen $10,000 psychological barrier, what will happen next?