How far is the bull market after Bitcoin breaks through $ 10,000?

Author 丨Fuji

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Operation 丨 Stone

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At 11:14 am on February 9, Beijing time, the price of bitcoin broke through the $ 10,000 mark.

For blockchain practitioners who have experienced several winters, $ 10,000 in bitcoin is a reward for their persistence; for more cryptocurrency players, $ 10,000 in bitcoin represents a bull market 's arrival

What's more, someone said that $ 10,000 in Bitcoin represents hope.

"At least, I am no longer discouraged by this industry."

Although after falling for 24 hours, Bitcoin has fallen below $ 10,000, but many people still cheer for it.

"Bitcoin breaks, mainstream currencies go up"

Starting on December 19 last year, the bitcoin that has fallen for a long time finally started to rise.

USD 7556, USD 8357, USD 9062, USD 9536.

After a series of gains, Bitcoin finally regained the $ 10,000 mark on February 9th, and hit a maximum of $ 10,186.

In addition to Bitcoin, other cryptocurrencies have also seen significant gains.

According to Coinmarketcap platform data, ETH has increased by 63.65% in the past 30 days.

BCH has surged 83.97% in the past 30 days, while its rival BSV has ushered in a 195% increase.

In addition, EOS has also increased by 79.62% in the past thirty days. And other currencies such as Ripple and Wright also performed well during the rise of Bitcoin.

The total market value of cryptocurrencies has also exceeded 2 trillion yuan, and has been surging all the way, currently closing at 2.88 trillion yuan, the sword refers to 3 trillion.

This is also the bitcoin price back to the high of $ 10,000 since September last year. In December 2017, the price of bitcoin was approaching the peak of 20,000 US dollars, and has since declined all the way, the lowest dropped to about 3,000 US dollars.

Although from the beginning of April last year, Bitcoin has reached the top of 10,000 US dollars several times, and it has even achieved a feat of over 17% in a single day. However, under the influence of the overall market downturn, it failed to stand firmly at 10,000 US dollars.

This is also the case. In the face of this round of rise, cryptocurrency players have divergent views for a while.

Some players have said that the bitcoin they bought is finally paying off.

Some players also said that the rise of Bitcoin this time is too small, and under the continuously declining halving expectations, a question mark is still needed to bring about a real bull market.

In addition, the technical staff of a cryptocurrency exchange said that although he did not speculate himself, the rise of Bitcoin is always a good thing, because it represents the vitality of the industry.

"I can't finish this circle, so I won't lose my job."

"Rising market brought by halving"

Regarding the return of Bitcoin to $ 10,000, most of the practitioners interviewed by DeepChain have expressed optimism.

Cryptocurrency analyst Andy bluntly stated that there is no doubt about the bull market.

In his view, the underlying reason for Bitcoin's rise is not so complicated. The reason for the rise is because the market funds have entered the market, and the time cycle, sentiment and market direction of the market have reached a point of convergence.

The contract emperor COO Tinkerbell also believes that the main reason for this round of market driving is halving.

"This is an obvious thing." Tinkerbell told DeepChain, "Since December 18, Bitcoin has risen from $ 6,333 in Huobi to $ 9,700. The concussion has risen for 50 days, and at the same time, the ETC, which is about to reduce production, has changed The US $ 3.4 rose to US $ 13. The halving BSV rose from a maximum of US $ 75 to US $ 455 and is currently still around US $ 360. In addition, Bitcoin will also be halved in May. "

Coincidentally, in the view of Chu Kang, the founder of Benrui Capital, the main reason for this bitcoin's rise is that the halving cycle is coming. In addition, blockchain investors have a strong and consistent view of halving the price increase. expected.

At the same time, the active trading volume of derivatives such as the Chicago Board of Trade and Bakkt Exchange is also one of the factors contributing to the surge in Bitcoin.

But at the same time, Chu Kang also said that the return of Bitcoin to $ 10,000 this time is slightly different from the rise in June last year.

On June 22, 2019, after a long period of ups and downs, Bitcoin quickly rose from around $ 7,700 to a maximum of $ 13,000.

The market this time, in Chu Kang's view, is not so intense, but it is very mild and healthy.

"This is the result of a joint effort between spot trading, mining computing power and derivatives trading." Chu Kang told DeepChain.

Xiong Lu, director of industry research at Amber Group, a digital asset agency service provider, said that this round of the market takes the US-Iraq conflict as an opportunity, is driven by the spot, and cooperates with various types of mainstream cryptocurrencies to halve the tempo, and the market is fully stimulated.

In Xiong Lu's opinion, the rise of Bitcoin this time has really gone through the complete process from Bitcoin to mainstream currencies to altcoins.

"8420 USD is a long and short watershed"

Although the leaders of all parties have expressed their support for the view that the return of Bitcoin to 10,000 US dollars will bring a bull market, Xiong Lu also said that the USDT of various platforms is almost vacant and the stock buying is almost exhausted. Once the incremental funds cannot keep up, there is a high probability that a callback will occur.

In a nutshell, just today, according to Huobi Global platform data, the latest price of bitcoin is $ 9,820, falling below $ 10,000.

Contract Ding Ding Dang also said that the four major futures exchanges currently hold more than 3 billion US dollars, of which BitMEX positions exceed 1 billion US dollars.

According to the experience summarized by Tinkerbell, historically, as long as BitMEX's position reaches 1 billion US dollars, a waterfall will be triggered after a period of time. Future trends require further observation.

However, some people think that the short-term decline will not have much impact on the trend of Bitcoin.

Andy said that the current market has only reached the fish, and this bull market will continue.

At the same time, a cryptocurrency analyst and Weibo user BTC reporter believes that the Bitcoin rise should remain sufficiently optimistic.

"This Bitcoin return to $ 10,000 is completely different from the previous two."

In his view, the surge in June last year was the self-healing of funds brought by the Litecoin cut. The rise in October of the same year was due to capital frenzy caused by emergencies.

"The speculative rise is doomed to not last long."

"Don't worry too much about falling back." A BTC reporter believes that the reduction of Bitcoin production is a long-term consensus in the market. With the rising consensus of the market, Bitcoin will have a stronger and longer momentum.

Facing the callback, some people are optimistic and some are worried. But Kye, director of investment analysis at OKEx, looks more rational about the price of bitcoin.

He even gave the price of a bear-watershed: $ 8,420.

"Technically speaking, the current price of bitcoin has broken through a downward adjustment trend of up to six months, and the current mid-to-long-term rise (long) has an advantage. There is still room for the rise. The more important resistance area above is around 12,300. Mid-to-long term The long-short watershed takes US $ 8,420 as a reference. If the price stays above US $ 8,420, it is still a bullish pattern and maintains the rising potential and trend. If the price effectively falls below US $ 8,420, it can be judged that the market outlook is hopeless. Quotes are announced to end or fail. "

But Lord K also expressed optimistic expectations for the future.

"There is still about three months before the actual production reduction date, and there is still enough time for market capital speculation to reduce production expectations. The coming of the bull market must be matched with continuous or successive good news to stimulate more capital inflows. Whether the value of the asset or the bubble, it is definitely not blown by the mouth, it must be piled up in real gold and silver. The current fundamentals have such conditions, and a bull market can be expected. "

"You can relax and consider how to invest and don't waste this wave of market."

Regarding investment, BTC reporters have something to say.

"Anytime, principal security is the number one priority. Even if a bull market comes, you need to invest in some robust and immortal cryptocurrency."

This view is also endorsed by Andy.

"Invest more cautiously. Except for Bitcoin and a few POW-type cryptocurrencies and the tokens of the industry's leading companies, small cryptocurrencies are too easy to manipulate and it is best to touch less."

Xiong Lu also suggested that users can pay more attention to some mainstream cryptocurrencies with less obvious early gains, as well as platform cryptocurrencies.

Finally, a BTC reporter also added, "If you want to see this round of bull market with a long-term mindset, those who are still analyzing price trends through the K-line can easily miss most of the gains."

Disclaimer: Investment is risky. All statements in this article represent personal opinions and do not constitute any investment advice.

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