If the first part of the above headline is about Bitcoin price if your heart was beating faster, it might be time to reduce the amount of leverage you use.
No, we’re not calling on BTC to hit a $1,000 target — instead, we’re looking back and celebrating the ninth anniversary of Bitcoin’s first breach above $1,000.
Nine years ago: BTC breaks above $1,000
Bitcoin is now in the midst of its fourth-ever bear market and is currently trading at a price of around $16,000 per coin. After the dramatic drop from $69,000 in late 2021 to current levels, sentiment has taken a hit. It is not uncommon to see targets on crypto Twitter for $1,000 BTC in the coming days.
Today, however, we are not so focused on future goals for the best cryptocurrency, but on the long journey Bitcoin has come from when it first passed $1,000.
Nine years ago as of yesterday, on November 27, 2013, BTC crossed over $1,000. The level turned out to be significant at the time, with BTCUSD trading above $1,000 for less than ten days before the 2014-2015 bear market began.
From that point on, it took over 1,000 days for Bitcoin to cross $1,000 again. But when it went through again, Bitcoin became a household name.
Bitcoin breached $1,000 exactly nine years ago yesterday | Source: BTCUSD on TradingView.com
Where to Go Now: $1K or $1M per Bitcoin?
$1,000 per BTC was significant for several reasons. It was a large, rounded number in US dollars, but 1 BTC was almost exactly the same price as an ounce of gold at the time.
After breaking above $1,000 a second time, Bitcoin rose just under 2,000% to nearly $20,000 per coin. Today, five years later, BTC is below the peak of the 2017 bull market.
Related reading: Bitcoin at $1 Million in 2030: Why Cathie Wood Remains Confident in Risky Bets
From the $1,000 milestone to current prices of around $16,000 per BTC, the top cryptocurrency still has an ROI of over 16,000%. From its inception, it has gained more than 150,000,000% cumulatively.
Despite this, there are as many calls for a revisit to the $1,000 level as for Bitcoin reaching $1 million per coin, making BTC the most interesting speculative asset of all time.
Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC telegram for exclusive daily market insights and training in technical analysis. Please note that the content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com