I’m curious if Bitcoin can continue its parabolic price increase trend as the price per coin increases.
For Bitcoin to increase from $1,000 to $19,000 like it did in 2017 required some amount of buyers exceeding sellers (obviously) during that10 month big run. Money flowed from elsewhere into Bitcoin. Let’s say the average price during the run was $10,000 for simplicity sake
So today with the Bitcoin price about $38,000, should it require 10x the buying power of 2017 to push Bitcoin to $162,000? If Bitcoin moves from $38;000 to $162,000, and we say the average price during that run was $100,000, then, since $100,000 is 10x the 2017 average of $10,000, does it probably mean pushing Bitcoin up to $162,000 price would take 10x the buying power of the 2017 run?
I’m wondering if bitcoins price volatility should slow as the price per coin rises, because it takes a lot more new money to push the price per coin higher as the price rises?
Just wondering. Any opinions?
I think Bitcoin is sort of unique among assets because the only natural sellers are miners, the rest of the Bitcoin faithful are told to hodl, and never sell. |
