Five “Insanely Bullish” Bitcoin (BTC) Charts
Currently, Bitcoin price is struggling below $10,000, looking ready to break down the $9,800 level.
Since hitting $13,900 in late June, the Bitcoin price range has been getting thinner and thinner and to finally make a decision to move in either upward or downward direction.
In the short term, Bitcoin is not doing much.
But rest assured, five of the Bitcoin charts, as shared by James Todaro, Managing Partner at digital currency investment fund, Blocktown Capital, are “insanely bullish.”
This is no hidden fact that Bitcoin provides tremendous gains to investors. But in mainstream industries, returns of more than 10,000% were previously available to only accredited investors and VCs in the form of private equity deals.
But Bitcoin has now leveled the playing field by allowing anyone to invest in the leading cryptocurrency with the opportunity to achieve massive gains.
In 2019, BTC has surged over 170% and risen 759,999,900% since the last recession.
Popular companies like Facebook (FB), Uber (UBER), Lift (LYFT), Snap (SNAP), Pinterest (PINS), and Twitter (TWTR) provided 6 figure ROI but Bitcoin still emerges as the winner.
Interestingly, Bitcoin dominates the best performing tech stocks in returns over the past decade.
The leading cryptocurrency fought its way through Netflix, Lululemon, Amazon, Nvidia, Apple, Salesforce, Google, and other giants to emerge at the top,
“even when giving tech companies a 4 year head start.”
At the beginning of 2013, Bitcoin was on the lowest rung and by the end of the year, it topped the industry giants, without losing its spot in the next six years.
More bullish is the fact that every year including 2018 that saw crypto winter resulted in positive returns at today’s prices if you dollar cost average into Bitcoin weekly.
The investment of $1000 in Bitcoin resulted in gains in every single year since 2010. Although low in 2018 ($1,300) and 2019 ($1,400), the value of investment always increased.
When it comes to being a global currency, Bitcoin is still small, having just passed the Colombian peso, and New Zealand dollar in market capitalization.
The digital gold with a market cap of $177 billion is still far from that of gold ‘s at $7.5 trillion, meaning
“there is tremendous room for bitcoin to grow into a global store of value.”
Last but not least, the Tulip Mania.
Over the years, we have seen the mainstream media and economists writing Bitcoin off by comparing it with the South Sea Company bubbles that lasted an illiquid and brief 3 years.
But BTC looks nothing like that mania, after a decade of its inception, it is growing strong with billions of dollars traded daily.
Currently, Bitcoin is simply taking a rest from its bull run in the Q2 of 2019 and expected to continue it after the ongoing consolidation.
We are looking at a future were BTC will be worth more than $1 million, so at current value, the digital currency is a heavily discounted opportunity.