In a sign of its growing maturity, bitcoin is nearing a 3-month period with a bottom at $9000. | Source: Shutterstock
The bitcoin price has held above $9,000 for a record 81 days, a feat it couldn’t manage even during the monster bull run of 2017. Although BTC remains around 50% below its all-time high, the price is arguably stronger and more resilient than ever as it consolidates around $10,000.
The bitcoin price has held above $9,000 for 81 days, longer than the epic bitcoin ‘bubble’ of 2017. Source: CoinMarketCap / CCN
As bitcoin trader, known as Mr Anderson, pointed out, holding above $9,000 for this long shows a maturing market forming a strong foundation.
$BTC Stability?
A more mature $BTC is showing better resiliency on this most recent price discovery attempt
BTC has spent 79 days above $9k (longest ever) & in doing so it has a much stronger Dynamic look
BEARS must get prices below $10.2 to prevent feeding the Bull
SEE CHART pic.twitter.com/wjKzI4eggo
— Mr. Anderson (@TrueCrypto28) September 4, 2019
Bitcoin price above $9,000 for record period
Back in 2017, the bitcoin price soared from less than $1,000 to its all-time high of near $20,000. But the move was volatile and erratic. It only held above $9k for 73 days (between November 26th, 2017 – February 2nd, 2018) as it entered a wild price discovery phase.
This time around, the bitcoin price has grown to $9,000 with a much stronger base. It has accumulated significantly more foundational strength. In the resurgent bull rally, it crossed $9,000 on June 16th, 2019 and has yet to dip below.
Holding out for a break into the $8,000s?
As CCN reported, many in the crypto community have been holding out for a break down back to $8,000 before buying up more BTC. But the chances of this happening grow thinner by the day as the bitcoin price extends its record period above $9,000.
You may feel silly for buying Bitcoin above $11k
But that feeling will soon fade
The only ppl who will feel silly are the ones with empty bags still waiting to buy “the bottom”…
IMO, Bitcoin hits new yearly highs before the end of 2019
Stay encouraged, patience is key
— Josh Rager ? (@Josh_Rager) August 16, 2019
Waiting to ‘buy the bottom’ is a dangerous game when all signs point to the slow accumulation of capital at this level. As CCN reported yesterday, bitcoin’s monthly lows paint a picture of steady accumulation through 2019, an upward trend that has yet to be broken.
“Bitcoin 2019 monthly lows show how strong this bull will be. This isn’t a few months of 2017 gamble mania anymore. This is a store of value in the making. This is just the beginning.” – Misir Mahmudov
Click here for a real-time bitcoin price chart.
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