Today, October 31, 2020 marks a notable date in Bitcoin (BTC) short spanned history as it marks the flagship asset 12th anniversary.
While the crypto community determines whether Bitcoin (BTC) was born or merely conceived 12 years ago, the fact remains that on October 31, 2008, Satoshi Nakamoto published Bitcoin’s white paper. Bitcoin was earmarked as a “purely peer-to-peer version of electronic cash”.
On the occasion of the first and largest cryptocurrency’s anniversary, many prominent personalities in the crypto space have sent out their birthday wishes.
Scott Melker, trader, investor, and the host of The Wolf Of All Streets podcast made this wish for Bitcoin’s birthday “$20,000”. Instructor at Programming Blockchain, Jimmy Song’s wish goes thus “A robust network, an antifragile community, and a high price”.
Bitcoin’s birthday wishes seemed to come true as BTC price climbed past the key $14,000 level, the highest since January 2018. Bitcoin is presently trading at $13,788 after touching an intraday high of $14,098 thus setting new yearly highs in the process.
BTC/USD Daily Chart$14,000 threshold is significant as breaking through this resistance zone would initiate further strength toward the next threshold around $16,500-$17,000 and then $20,000 ATH.
The 12th anniversary of the Bitcoin whitepaper is particularly special because it marks the third post-halving cycle. Bitcoin had its third halving event in May 2020. Halving which saw Block rewards halved from 12.5BTC to 6.25BTC is regarded as a bullish event.
Increased institutional demand for Bitcoin has been spearheading Bitcoin’s rally of late as Bitcoin price reached highs of $14,100 today.
This rally was however shortlived as it was immediately rejected, plunging by 3% within minutes. Before Bitcoin hit $14,000, there was a 1,371 BTC buy wall on Binance at $13,680 and another big buy wall at over $13,800 on Huobi which initially buoyed BTC uptrend. But as BTC surpassed $14,000, traders on Binance began to sell large amounts of BTC in a short period. Keith Wareing, a tech investor noted this:
“Sadly, Bitcoin will be rejected at $14k and go back below the 2019 high thanks to binance whales.”
There is however a mixed outlook on where the flagship asset trends next. Ki-Young Ju, the CEO of CryptoQuant however maintains that the trend of declining Bitcoin exchange balances is considered a “long-term buy signal.”
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