PakGazette – Nine years ago, a “death call” was made when its price was only $400. This negative forecast, which predicted that Bitcoin was on the brink of collapse, has been proven spectacularly wrong as Bitcoin continues to thrive and reach new highs.
Nine years ago, on January 19, 2016, the Washington Post published an article titled “RIP Bitcoin. It’s time to move on,” declaring the end of Bitcoin when it was valued at almost $400. Today, Bitcoin has defied this prediction, reaching an all-time high of $108,268 last December.
Bitcoin historian Pete Rizzo highlighted this fact in X, sharing a screenshot of the 2016 article that reflected how the narrative around Bitcoin has changed dramatically over the years. The article’s claim, made during a period of uncertainty for cryptocurrencies, highlights the stark contrast between past skepticism and current reality.
Bitcoin has been on an incredible journey since this call. From a value of $400 back then, Bitcoin has skyrocketed significantly, currently trading above $103,000. Bitcoin has once again surpassed the $2 trillion milestone with a market capitalization of $2.05 trillion. This remarkable growth has been driven by growing adoption, institutional interest, and growing recognition of Bitcoin’s potential as a store of value.
Bitcoin Price Outlook
At the time of writing, Bitcoin was up 6.25% in the last 24 hours to $104,164. At the current price of Bitcoin, it is trading above the annual average of $90,900 according to Glassnode, indicating that the market is still in a bullish phase, although it has cooled slightly from the recent euphoric levels above the upper band.
Bitcoin Outlook Remains Bullish; Over the past few days, Bitcoin price action has validated two key levels flagged by on-chain data: support at $89,000, while closely aligning with the short-term headline realized price at $88,500, and resistance just below $98,000. , the highest level of accumulation above the spot.
Given Bitcoin’s recent correction, a significant proportion of the froth has left the market, according to Glassnode, while demand remains relatively strong.
