Bitcoin's Triumph: 'Death Call' at $400 Proven Wrong

U.Today - Nine years ago, a "death call" was made for Bitcoin when its price was only $400. This negative prognosis, which predicted that Bitcoin was on the verge of collapse, has been proven spectacularly wrong as Bitcoin continues to thrive and reach new highs.

Nine years ago, on Jan. 19, 2016, the Washington Post published an article titled "R.I.P. 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 around Bitcoin has dramatically shifted over the years. The article's claim, made during a period of uncertainty for cryptocurrencies, highlights the stark contrast between past skepticism and current reality.

Bitcoin has gone on an incredible journey since this call. From a value of $400 then, Bitcoin has skyrocketed significantly, currently trading above $103,000. Bitcoin has once again surpassed the $2 trillion milestone with a market capitalization of $2.05 trillion. This remarkable growth has been fueled by increasing adoption, institutional interest and a growing recognition of Bitcoin's potential as a store of value.

Bitcoin price outlookAt the time of writing, Bitcoin was up 6.25% in the last 24 hours to $104,164. At Bitcoin's current price, it trades above the one-year mean of $90,900 according to Glassnode, indicating that the market remains in a bullish phase, though it has slightly cooled from recent euphoric levels above the upper band.

The Bitcoin outlook remains bullish; over the past few days, Bitcoin's price action validated two key levels flagged by on-chain data - support at $89,000, while aligning closely with the Short-Term Holder Realized Price at $88,500 and resistance just below $98,000, the largest accumulation level above spot.

Given Bitcoin's recent correction, a significant proportion of froth has come out of the market, according to Glassnode, while demand remains relatively robust.

Source: Investing.com