Bitcoin breaks above $11,000 again as parabolic advance continues

By Tim Copeland

It’s bitcoin bull season, folks.

Despite a 75 percent drop during 2018, and many investors eyeing a prolonged bear market, the price of bitcoin has risen dramatically since the start of this year. Since early April, the price has risen 275 percent to reach highs not seen since March 2018. 

And so far, it has shown little sign of stopping—at last facing overhead resistance at the $11,000 barrier.

Bitcoin has spent the last two days pushing up against this resistance, breaking through only to be pushed back down. However, in the last few hours, it broke through $11,000 for the fourth time, rising to $11,100 on Monday at approximately 8pm ET, and causing celebration among holders—who only recently had been glad to pass the $9,000 mark.

However, the long-term drop in price and subsequent rise did not come as a surprise to everyone. Anthony Pompliano, co-founder of Morgan Creek Digital, used the news to point out that he made a call in August 2018 that bitcoin would fall to $3,000 and then rise past $10,000. He then reminded everyone that his next call is for bitcoin to hit $100,000 by the end of 2021, a slightly less ambitious goal than John McAfee’s famous bet.

But bitcoin’s bull run hasn’t been good for everyone. Binance only just added margin trading to its exchange platform, but already the bull market has claimed its first scalp. A bitcoin short seller was liquidated yesterday, according to Binance CEO Changpeng Zhao, the first on the nascent platform.

“Don’t bet against bitcoin,” Zhao tweeted. Then again, that’s what everyone said at the height of the 2017 bubble.

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