Bitcoin pushes up $1,000 today in a strong revival following its recent price collapse. But commentators are skeptical it will last long.
The price of Bitcoin broke through the $6,000 mark, rising $1,250 today. At present, the price of Bitcoin is $6,250, up 18% in the last 24 hours.
This follows Bitcoin’s biggest price drop in the last seven years. Over the past week, Bitcoin’s price fell from $9,000 to $4,500—an early halving, so to speak. The crash was aided by congestion on the Bitcoin network, and extreme price volatility on some crypto exchanges. It posed a big question for Bitcoin miners, who were betting on a big Bitcoin bull run to lead them through the halving.
Bitcoin: back from the dead
With the price cut in half, and the threat of further economic collapse, some were even suggesting it could be the end for Bitcoin.
But on today’s revival, the narrative swiftly changed. “Last week was sobering for Bitcoin investors, with BTC sinking more than 50% in 1 day amidst a global liquidity crunch. But Bitcoin is far from dead,” tweeted Ryan Watkins, researcher at Messari. He compared it to gold and argued that Bitcoin presents an alternative to current economic theory.
Last week was sobering for Bitcoin investors, with BTC sinking more than 50% in 1 day amidst a global liquidity crunch.
But #Bitcoin is far from dead.
Bitcoin offers investors a potential 100x price increase from today’s levels, if Bitcoin were to ever reach gold.
— Ryan Watkins (@RyanWatkins_) March 19, 2020
At the same time, traders and commentators were pleasantly surprised at Bitcoin’s rebirth. “Hello $6k my old friend,” tweeted analyst Joseph Young—referencing Simon and Garfunkel—who skeptically added that it probably “will be short lived but I’ve come to talk with you again.”
With Coinbase putting less strain on the Bitcoin network, if another drop does happen, hopefully it’ll be a bridge over troubled waters.