Thoughts on Recent Bitcoin Price Action
Like many, I woke up this morning to a barrage of emails and tweets about the potential for bitcoin to break to a fresh all-time high. “It’s finally here”, I thought to myself, “it’s really happening.” Ten hours later and BTC is still hovering around $19,000, a level we experienced only ever so briefly in mid-December 2017.
There are many reasons BTC at $19k today is different from BTC at $19k in late 2017, several of which I outlined in my last Delphi Daily (bitcoin has gained another ~8% since). In honor of Twitter’s latest update, I thought I’d share a few more fleeting thoughts on the topic. Our latest Bitcoin Outlook is currently in the works, however, and will dive into much greater detail, so stay tuned.
As we’ve noted, BTC’s price appreciation hasn’t been nearly as swift as prior cycle peaks. For example, only 14 of the last 60 days were marked by a gain of at least 2%; in December 2017, the number was more than double that.