Bitcoin breaks familiar patterns Prices rose during the US session, rising to $70,800 after falling to just over $68,000 earlier in the day.
Bitcoin is up 0.5% in the past 24 hours, while Ethereum Ripple and Solana The lead was nearly 1.5% over the same period.
Risk assets generally rose on Monday, with the Nasdaq up 1% and the S&P 500 up 0.5%. Gold rose 1.9% to $5,075 an ounce and silver rose 7.4% to $82.50 an ounce.
“What we are experiencing is the weakest bear market scenario in Bitcoin’s history,” wrote Bernstein’s Gautam Chhugani, who reiterated the firm’s year-end price target of $150,000 for Bitcoin.
“When all the stars align, [the] The Bitcoin community has created a self-imposed crisis of trust,” Chhugani continued. “Nothing is going to explode, no skeleton is going to fall apart; [the] The media is back writing obituaries. “
“Time,” Chhugani said, “is still a flat circle in Bitcoin.”
Schwab’s Jim Ferraioli put it a little more technically, saying it’s helpful to look at Bitcoin miners to determine when the bottom will hit.
“Previous sell-offs have typically bottomed out around the cost of Bitcoin production,” Ferraioli said. “Miners with less efficient equipment often temporarily shut down operations… We can see this in real time by watching the mining difficulty adjust — it goes down as more miners leave the network. Once it starts rising again, that’s confirmation that the bottom may have been reached.”
In fact, CoinDesk reported earlier that Bitcoin mining difficulty just dropped its largest amount so far in 2021, as at least some miners did succumb to the price collapse.
Cryptocurrency stocks move higher
Cryptocurrency platform Bullish (BLSH) led the sector higher on Monday with a 14..2% gain. Other big gainers included Galaxy Digital (GLXY), up 8.2%, and Circle Financial (CRCL), up 5.1%. Strategy (MSTR) rose 3% and Coinbase (COIN) gained 1%.
Bitcoin miners turning to artificial intelligence infrastructure have posted huge gains, and Morgan Stanley also has positive coverage on TeraWulf (WULF) and Cipher Mining (CIFR) – both are up 14%. Hut 8 (HUT), IREN (IREN), and Bitfarms (BITF) each lead by about 7%.