[2017-11-26]Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption

[hugeblack]

Bitcoin has officially hit the $9,000 mark today, as the massive user adoption from hedge funds, soon-to-be-released futures markets and further increases in the number of users.

Ironically, many on the /r/BitcoinMarkets subreddit expected the price to drop over the Thanksgiving weekend, in part due to US banks being closed. However, over the past week the price had shown strength, consolidating in the low $8,000s. Twice the price briefly dipped into the $7,800 range, but those dips were rapidly bought.

Apparently people didn’t merely take advantage of Black Friday to buy TVs and electronics, but also stocked up on Bitcoin. The price began trending up yesterday as the market began adding volume, and today broke the next major psychological hurdle of $9,000.

More to come?
Thought many mainstream finance pundits regard Bitcoin as a bubble, the market has not shown any signs of a so-called “blow off top,” meaning a sudden and major reversal is unlikely at the moment. Bubble cycles often end with a massive spike in prices that’s almost immediately followed by an even larger sell-off.

The next major hurdle, and arguably the largest psychological barrier of all, is $10,000. However, that may not be as hard to breach as one might think, considering that the combined price of Bitcoin and Bitcoin Cash already well exceeds $10,000. That is to say, anybody who owned Bitcoin prior to August 1 and didn’t sell their Bitcoin Cash is already enjoying prices in excess of the next major target.

Analysts such as the normally bearish Tom Lee, founder of Fundstrat, are turning bullish. Lee recently indicated that his near term price projection is $14,000. He explains away the brief dip that followed the cancellation of SegWit2x as a shaking out of weak hands. At press time, Bitcoin’s price on the GDAX exchange was $9,085.

Source https://cointelegraph.com/news/bitcoin-crushes-9000-on-growing-signs-of-mainstream-adoption-wall-street-interest-

[CryptoBry]

The scene is getting rosy for Bitcoin and company (am referring to Eth and BCH which are also rising right now!) and we might be seeing Bitcoin reach the psychologically important $10K level all within this year. This can be the main effect as the market is looking forward for the coming futures market introduced by CME. I think the same sentiment can be carried into 2018 which can mean that more price surges can be experienced next year. Now, should we be afraid of the big bubble or should we just ignore the warnings?

[kueyen]

I was skeptical about reaching $10K within this year, but the sudden leap to $9K got me thinking again. Although the resistance at $9K proved to be too strong for now, if bitcoin can hold on at around that level, with a final push towards the new year, we may see $10K within this year after all.

[Domenc]

The sudden increase in user base as suggested by Coinbase has pushed Bitcoin to new limits and now skyrocketing above $9,000. Further in the last 24 hours Bitcoin price is increasing at a continuous rate first touching at $8,700 and then $9,000 and currently at $9,100. If it continues to remain on the same track one can expect to see 10k USD in this week only. The long exceptions of seeing Bitcoin price above 10k USD will be soon fulfilled if price is not pushed down due to any negative factors.

[Taki]

It is unbelievable how fast bitcoin passed from 6000$ to 9000$! It seems unstoppable! Etherum is also rising and done a new price's record for itself! What can be possible reasons of such a bull run? I suppose that fact that South Korea announced that it will not regulate crypto currencies and with that they kinda became a free zone for crypto users from over the world.

Now, should we be afraid of the big bubble or should we just ignore the warnings?

Bitcoin is the babble which will never explode. It has nothing with babble cause of huge investors continue to turn to crypto currencies and incredible growth of bitcoin is only the reason of huge demand, it has nothing with babble.

[rjbtc2017]

Yeah, I do really feel it now, we are now going to the moon and the best part of it, some alt coins are also on an uptrend movement ( I hope WAVES also but it always been affected by the ups and downs of Bitcoin, guess ill wait). Correction and casual cashing up still affects the uptrend movement and as usual Bitcoin is still recovering. I genuinely happy if Bitcoin will continuously on uptrend move, but Bitcoin is moving very fast, as of now bitcoin's price is  ( via coindesk) $8,864.36 a slight change from $9.2K but who knows it may recover tomorrow with new high.

[Isaak Bitcoin]

I thought a month ago that bitcoin would cost 10,000 for the new year. But I doubt that next year it will show the same growth rate. It is unlikely that the cost of bitcoin will reach 20,000 by December 2018.

[Samarkand]

... What can be possible reasons of such a bull run?
...

I strongly suspect that the rise of BTC and the major altcoins is heavily correlated to the issuance of Tethers.
In November roughly 230 M USD$ of Tether have been issued - 30M $ of this sum have been lost in a "hack" -, which
have found their way into the Margin markets of Bitfinex.

https://www.bfxdata.com/swaphistory/usd



I know that correlation doesn´t imply causation, but this looks heavily suspicious. Bitfinex loses their banking relationship
with Wells Fargo and Tether issuance goes through the roof. Ever since Tether started to issue huge sums of money BTC
and the major altcoins have been on an unstoppable rise. I love the BTC price rise, but I´m also humble enough to still
be able to see that a huge part of this rally can be attributed to the Tether situation.

[snipie]

I thought a month ago that bitcoin would cost 10,000 for the new year. But I doubt that next year it will show the same growth rate. It is unlikely that the cost of bitcoin will reach 20,000 by December 2018.

You will never know. With the actual growth rate, $30000 should be possible if not more.

[webtricks]

Many still say that Bitcoin tremendous rise is BUBBLE! But I am pretty sure these prices aren't bubble anymore and backed by real adoption. However, the rapid increase as we seen in 2017 may not followed in 2018. Reason, if someone invested in Bitcoin back in Jan 2017 could have already made 9-10x of the investment. But such returns aren't longer possible. On whole, Bitcoin charm as high-yielding investment will start to dim with rising price. And sooner or later will result in downfall of demand. Hence Bitcoin is now in paradox state.

[buwaytress]

The sudden increase in user base as suggested by Coinbase has pushed Bitcoin to new limits and now skyrocketing above $9,000. Further in the last 24 hours Bitcoin price is increasing at a continuous rate first touching at $8,700 and then $9,000 and currently at $9,100. If it continues to remain on the same track one can expect to see 10k USD in this week only. The long exceptions of seeing Bitcoin price above 10k USD will be soon fulfilled if price is not pushed down due to any negative factors.

I have a hard time believing that we now have a sudden influx of new users - and all that volume going to Coinbase. My guess is that this batch of "new users" are people and companies already buying Bitcoin, and that only now Coinbase or whatever regulatory entity they're trying to satisfy has completed AML/KYC verifications for these, they can legitimately recognise them.

Since when have we considered futures and private equity and hedge funds mainstream adopters, anyway? They already only cater to the select (wealthy) few, and really have already entered Bitcoin discreetly.

All the same, $10k is now all but certain, and almost for sure before we usher in the new year. Just too much psychology here to NOT let Bitcoin achieve 10k all in 2017.

[J. Cooper]

All the same, $10k is now all but certain, and almost for sure before we usher in the new year. Just too much psychology here to NOT let Bitcoin achieve 10k all in 2017.

I also feel like we could get a very very very ugly rejection when/if we test the big psychological resistance level of $10,000. That's why I also believe that not hitting $10,000 this year is a viable option as well. Too much inside trading going on right now, the whole tether thing, total marketcap coming very close to $300,000,000,000 without a major correction in the last 2.5-3 months. Perhaps we won't see a white christmas but a red one, this is crypto after all.

[pixie85]

All the same, $10k is now all but certain, and almost for sure before we usher in the new year. Just too much psychology here to NOT let Bitcoin achieve 10k all in 2017.

I also feel like we could get a very very very ugly rejection when/if we test the big psychological resistance level of $10,000. That's why I also believe that not hitting $10,000 this year is a viable option as well. Too much inside trading going on right now, the whole tether thing, total marketcap coming very close to $300,000,000,000 without a major correction in the last 2.5-3 months. Perhaps we won't see a white christmas but a red one, this is crypto after all.

I've actually said the same thing just minutes ago in another thread. I feel like the top of this slope we can see on the charts is filled with really low volume orders. Not many people willing to buy and not many willing to sell. The majority keeps waiting. Some for the crash and some for it to go even higher like to $10k so they can dump it all right before it touches that point and bounces back to some 6-7k.

[civilufo]

The sudden increase in user base as suggested by Coinbase has pushed Bitcoin to new limits and now skyrocketing above $9,000. Further in the last 24 hours Bitcoin price is increasing at a continuous rate first touching at $8,700 and then $9,000 and currently at $9,100. If it continues to remain on the same track one can expect to see 10k USD in this week only. The long exceptions of seeing Bitcoin price above 10k USD will be soon fulfilled if price is not pushed down due to any negative factors.

This news can be related to cme listing of bitcoin next month, as the trial is almost done, and people comes in earlier to buy bitcoin before bitcoin is officially listed.

[RedX]

Everytime when speculators are saying that bitcoin's bubble is going to burst is what happens is that it always make new all time highs. I've seen many articles a few months stating it's going to hit bottom but look where we are now. Mainstream adoption is just around the corner and we just need a little more time before it happens.

[wilhb81]

Everytime when speculators are saying that bitcoin's bubble is going to burst is what happens is that it always make new all time highs. I've seen many articles a few months stating it's going to hit bottom but look where we are now. Mainstream adoption is just around the corner and we just need a little more time before it happens.

All those Bitcoin's speculators and opposers always bring out the negative statement for Bitcoin. The interesting fact is the more speculative news about the Bitcoin - the higher Bitcoin's price soar and creates more all-time highs...

Maybe, we should thank these people 

[buwaytress]

All the same, $10k is now all but certain, and almost for sure before we usher in the new year. Just too much psychology here to NOT let Bitcoin achieve 10k all in 2017.

I also feel like we could get a very very very ugly rejection when/if we test the big psychological resistance level of $10,000. That's why I also believe that not hitting $10,000 this year is a viable option as well. Too much inside trading going on right now, the whole tether thing, total marketcap coming very close to $300,000,000,000 without a major correction in the last 2.5-3 months. Perhaps we won't see a white christmas but a red one, this is crypto after all.

I wouldn't put anything past Bitcoin at this stage. But I'm staying well clear away from trading until I see steady months above current levels. I know, I've been saying that for months now, but I'd rather miss out than lose out.

I've actually said the same thing just minutes ago in another thread. I feel like the top of this slope we can see on the charts is filled with really low volume orders. Not many people willing to buy and not many willing to sell. The majority keeps waiting. Some for the crash and some for it to go even higher like to $10k so they can dump it all right before it touches that point and bounces back to some 6-7k.

Indeed, order books on the exchanges I'm on have been thin ever since the 9k mark. I suspect part of the demand is in expectation of being able to sell off just above 10k for a fat early Christmas bonus but perhaps the bulk of old investors have readjusted their profit taking to above 10k in view of the year's magnificent run. There're going to be a lot of traders flush with cash too when December salary plus bonuses are disbursed early - whether or not this means more buy orders or less, hard to tell.

 

[Gotottack]

Absolutely! But as for me, I am not selling any of my Bitcoins. I am holding it till I can because who knows it might just increase to $15,000. I have learnt my lesson the hard way when I converted my Bitcoin to fiat currency when it reached a whooping $8,400+. I thought that would be IT, but I was wrong. It really pained me when I realized how little that amount was. Now, I am banking onto a hope that I am making the right decision.

[Guardian.P]

Such a rapid rise in the price of bitcoin, became frightening for me. And causes anxiety. As if riding a sports car with a huge speed and you do not know what to expect in front, too quickly