Technology
Bitcoin Price Closes For First Time Over $13 K Since January 2018 Powered by a Flurry of Good News
Bitcoin closed over $13,000 on Saturday for the first time in over two and a half years after a week of good headlines for the leading cryptocurrency.
- Bitcoin last closed above $13,000 on Jan. 15 , 2018, six weeks after Bitcoin closed above $13,000 for the first time on the way to an all-time peak of $19,892, according to trading statistics from Coinbase.
- By late June and early July 2019, Bitcoin traded briefly over $13,000, reassessing the price range from Wednesday through Friday, but still struggling to close above it.
- This week, reports that PayPal is allowing its customers to purchase and sell such cryptocurrencies, along with recent acquisitions in bitcoin by Square and MicroStrategy, has provided the leading cryptocurrency a powerful tailwind. Only yesterday, JPMorgan analysts wrote that bitcoin has a considerable upside potential.
- Bloomberg Intelligence set $13,000 as a breakthrough price target for bitcoin in a July study labeling the leading cryptocurrency a caged bull.
- The year to date, Bitcoin has risen by 82 percent.
- Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, who wrote the report, told CoinDesk in an email that he was surprised with how bitcoin crossed over $10,000 at the end of July and converted that amount into help when it was updated from the top in early September.
- As for the future, bitcoin's fundamental and technological indicators remain optimistic, said McGlone.
