Looking back at nine years of bull running
If the first part of the Bitcoin price headline above got your heart pumping, it might be time to reduce the amount of leverage you’re using.
No, we’re not calling for BTC to hit a $1,000 mark — instead, we’re looking back and celebrating the ninth anniversary of the first time Bitcoin broke above $1,000.
Nine years ago: BTC breaks above $1,000
Bitcoin is now in the midst of its fourth ever bear market and is currently trading at around $16,000 per coin. After the dramatic drop from $69,000 in late 2021 to today’s levels, sentiment has taken a beating. It is not uncommon to see targets on crypto Twitter for $1000 BTC in the days ahead.
However, today we are not as focused on the future goals of the best cryptocurrency, but the long journey Bitcoin has had since it first passed $1000.
Nine years ago as of yesterday, November 27, 2013, BTC broke above $1,000. The level proved significant at the time, with BTCUSD trading above $1,000 for less than ten days before the 2014-2015 bear market began.
From that point, it took more than 1,000 days for Bitcoin to cross $1,000 again. But when it passed it again, Bitcoin became a household name.
Bitcoin breached $1,000 exactly nine years ago yesterday | Source: BTCUSD on TradingView.com
Where to next: $1K or $1M per Bitcoin?
$1000 per BTC was significant for several reasons. It was a large, rounded number in US dollars, but 1 BTC was almost exactly the same price as an ounce of gold at the time.
After breaking above $1,000 for the second time, Bitcoin continued to climb just under 2,000% to nearly $20,000 per coin. Today, five years later, BTC is below its 2017 peak.
Related reading: Bitcoin at $1M by 2030: Why Cathie Wood Remains Confident in Bold Bet
From the $1,000 milestone to current prices of around $16,000 per BTC, the top cryptocurrency still has more than 16,000% ROI. Since its inception, it has collected more than 150,000,000%.
Despite this, there are just as many calls for another visit to the $1000 level as there are for Bitcoin to reach $1 million per coin, making BTC the most interesting speculative asset of all time.
follow @TonySpilotroBTC on Twitter or join TonyTradesBTC Telegram for exclusive daily market insight and technical analysis education. Note: Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com
