Pakinomist – Nine years ago a “death call” was made when the price was only $400. This negative forecast, which predicted that Bitcoin was on the verge of collapse, has been proven spectacularly wrong as Bitcoin continues to thrive and reach new heights.
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 nearly $400. Today, Bitcoin has defied this prediction, reaching an all-time high of $108,268 last December.
Bitcoin historian Pete Rizzo highlighted this fact on X, sharing a screenshot of the 2016 article that reflected how the narrative surrounding 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 the current reality.
Bitcoin has gone on an incredible journey since this call. From a value of $400 back then, Bitcoin has risen significantly and is currently trading above $103,000. Bitcoin has once again surpassed the $2 trillion milestone with a market cap of $2.05 trillion. This remarkable growth has been driven by increasing adoption, institutional interest and a growing recognition of Bitcoin’s potential as a store of value.
Bitcoin price forecast
At the time of writing, Bitcoin was up 6.25% in the last 24 hours to $104,164. At Bitcoin’s current price, it is trading above the one-year average of $90,900 according to Glassnode, indicating that the market remains in a bullish phase, although it has cooled slightly from recent euphoric levels above the upper band.
Bitcoin Outlook Remains Bullish; over the past few days, Bitcoin’s price action has validated two key levels marked by on-chain data – support at $89,000, while closely aligned with the short-term holder’s realized price of $88,500, and resistance just below $98,000, the major accumulation level above the spot.
Given Bitcoin’s recent correction, according to Glassnode, a significant amount of the scum has come off the market, while demand remains relatively robust.
