Cryptocurrency
Bitcoin Price Closes Above $13K for First Time Since January 2018 Driven by a Flurry of Good News
Bitcoin Price Closes Above $13K for First Time Since January 2018 Driven by a Flurry of Good News: CoinDesk reports, “Bitcoin closed above $13,000 Saturday for the first time in over two and a half years following a week of positive news for the leading cryptocurrency. Bitcoin had last closed above $13,000 on Jan. 15, […]
By Chris Sykora · October 25, 2020
Bitcoin Price Closes Above $13K for First Time Since January 2018 Driven by a Flurry of Good News:
CoinDesk reports, “Bitcoin closed above $13,000 Saturday for the first time in over two and a half years following a week of positive news for the leading cryptocurrency.
- Bitcoin had last closed above $13,000 on Jan. 15, 2018, six weeks after bitcoin closed above $13,000 for the first time on its way to an all-time high of $19,892, according to Coinbase market data.
- Through late June and early July in 2019, bitcoin briefly traded above $13,000, revisiting that price level on Wednesday through Friday, but still failing to close above it.
- This week, news that PayPal is allowing its customers to buy and sell certain cryptocurrencies, along with recent investments in bitcoin by Square and MicroStrategy, has given the leading cryptocurrency a strong tailwind. Just yesterday, JPMorgan analysts wrote that bitcoin has ‘considerable upside potential.’
- Bloomberg Intelligence set $13,000 as a breakout price target for bitcoin in a July report that called the leading cryptocurrency a ‘caged bull’.
- Year to date, bitcoin has gained 82 percent.
- Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, who authored the report, told CoinDesk in an email he was impressed how bitcoin broke above $10,000 in late July and turned that level into support when it was revisited from the upside in early September.
- As for the future, bitcoin’s ‘fundamental and technical indicators remain positive,’ McGlone said.
