As of this writing, one Bitcoin equals $12,793.57 in Canadian currency, or US$9,413.
Apart from a brief and intense plunge in mid-March, Bitcoin hasn’t seen the types of extreme gyrations over the past year that it experienced from late 2017 to early 2019.
However, there was a plunge in Coindesk’s Bitcoin Price Index near the end of the week, with the value falling nearly US$600 on June 11.
In spite of this, Hong Kong–based crypto and blockchain analyst Joseph Young is wondering if Bitcoin could be poised for a breakout.
Writing on Forbes.com, Young pointed out that the “number of long-term Bitcoin holders has been increasing rapidly since October 2019”.
“There are two possible reasons investors are increasingly investing in Bitcoin with a strong long-term outlook: the activation of the third block reward halving and improving mainstream perception of cryptocurrencies,” Young noted.
Halvings of Bitcoin have been followed by price rises in the ensuing years, he stated.
But in another article earlier this week for Cointelegraph.com, Young cited experts who felt that Bitcoin’s price could crash if there’s a steep drop in the equities markets.
That’s because when the S&P 500 took a nosedive this spring, that was followed by similar plunge in the price of a Bitcoin.
One of the pessimists quoted in the article was Yoni Assia, founder and CEO of the social-investment network eToro.