Bitcoin Pricing is a Ping Pong Ball – The Charts Give the Proof
On December 16th Bitcoin broke through the $19,000 mark and was hovering just under $20,000. We were holding off on an article as we naturally assumed Bitcoin hit $20,000 at which point we would’ve published new Bitcoin news. It’s been getting a little tiresome publishing almost daily Bitcoin pricing articles. Imagine our surprise to lean that Bitcoin pricing is a ping pong ball. It bounced up and down and around $20,000 all the next day.
Then more proof that Bitcoin pricing is a ping pong ball the next two days — BTC bounced up and down between the 18s and 19s over the weekend. This morning we saw Bitcoin at $19,100 then bopping up and down to a current price of $18,600 as I write this article.
I find these price fluctuations surprising as CME Bitcoin Futures hit the markets yesterday and TD Ameritrade’s own Bitcoin futures trading launched today. If anything, all of these positive adoptions of Bitcoin to the broader markets should have boosted Bitcoin well past $20,000 and beyond at this point. My thinking is echoed by Thomas Peterffy who appeared on CNBC this morning.
Bitcoin Pricing is a Ping Pong Ball should be a thing of the past at this point considering that more merchants than ever accept Bitcoin for payment both in brick-and-mortar stores as well as online sellers. On top of that, Bitcoin ATM machines are rolling out across North America and Europe at a rapid pace. All of this points to Bitcoin’s rightful place in the global economy as one among accepted currencies. Within five years I foresee cryptocurrency having little if any distinction over fiat money. The future of money is unfolding at this moment and Bitcoin is paving the way. It’s safe to say that the ping pong ball of cryptocoin should stop bouncing up and down and going back and forth. Fortunately, Bitcoin price fluctuations are much less dramatic compared to the last time I wrote about this.