The Bitcoin price has reversed momentum and gained USD 1,000 per digital coin in the past few days. Mainstream financial sites played a central role to not only Bitcoin, but many lesser-known cryptocurrencies exploding to new all-time highs in late 2017 and early 2018. Those same sites and media outlets were quick to fall silent as the price collapsed by more than 60%.
CNBC and Others Touting Bitcoin, Again
Now, after just a week of gains, CNBC and other outlets are replaying Bitcoin loving VCs and entrepreneurs who have bet big on the digital currency. Check out the one week chart for Bitcoin.
The one year chart reveals a prolonged downtrend that cannot be fixed by a single week of gains.
Bitcoin will have to continue to show strength and overcome the many policy roadblocks to gain wider acceptance. However, that will not stop die-hard cryptos from talking up the latest move. The current US bull market is within months of becoming the longest bull ever; hence, it will be very interesting to see how Bitcoin performs when the market inevitably roles over. Bitcoin’s performance when investors are panicking will be one of its biggest tests to date.
