This Week’s Cryptocurrency Trade is Bitcoin (BTC) and the “mother of coins” has occupied the undisputed #1 position on Coinmarketcap since its inception and has a market cap of $728 billion. The very first Bitcoin was mined (mined) on January 3, 2009. Bitcoin thus emerged in the smoke clouds of the credit crisis.
For our Crypto X10 Challenge, we have had this coin in our portfolio for ages and we still believe that Bitcoin should be the cornerstone of any crypto portfolio. Admittedly, the correction from the November high at $69,000 has been more powerful than expected.
In the process, the Bitcoin price has hit a low of $33,000 which marks the level we have not seen since last July. Meanwhile, bitcoin is around $38,000 which is a nice level to pick up some BTCs again. First price target is $45,000 with $40,000 being a tough hurdle. The second target is a vista of $70,000 so just above the all time high. For this the resistance level of $40K will have to be broken and the support level of $30K will also have to hold.
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