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  • Writer's pictureChapman Chen

Bitcoin Hits $10K! Too Late to Buy Now? By Chapman Chen, HKBNews

Bitcoin hit USD10k this noon (Feb 9); is it too late to go on board now? In retrospect, between June and July last year, the reason why bitcoin rose to USD12k was because China Ponzi Scheme threw in 2 billion US and artificially pushed up bitcoin. Contrastively, this time's rise is after four months' fermenting; it is an anticipation of the halvening event in May. So the growth is pretty healthy and steady. It is expected that bitcoin will continue to rise though there may be occasional corrections, which will not go below $8k. Within one year after the halvening, it will be multiplied by many times as after the 2016 and the 2012 halvenings.

Meanwhile, ever since the Wuhan Coronavirus outbreak, bitcoin has been going up side by side with gold, which shows that people in general regard bitcoin as a kind of hedge. When the death rate of the novel coronavirus pneumonia (NCP) escalates exponentially, China's economy is bound to collapse, which may lead to a global financial tsunami. Then the fiat currencies of various countries will significantly depreciate and bitcoin will pump beyond recognition.

Is it too late to buy now? Well, in July 2016, the price was $600. 6 months after the halvening, i.e. Jan 2017, the price rose to $1k. At that time, many people considered it too expensive to buy. Now, probably all of them are regreting.

Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.

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