Bitcoin Surpasses $80K but Investors Remain Cautious
Bitcoin (BTC) has finally broken past the $65K resistance level and is trading above $80K, but despite this milestone, many are expressing caution. According to MSB Intel, Bitcoin has historically spent very little time trading above $70K, with only 12.7% of its recorded daily closing prices above that level.
This means that for about 87.3% of its history, Bitcoin closed below $70K. However, this doesn't necessarily mean that Bitcoin is overvalued or due for a correction, but rather that as its price rises over time, levels once considered exceptional are becoming the new normal.
Crypto analyst Quinten Francois notes that 'the human brain is terrible at understanding scale,' and that investors should consider Bitcoin's total market capitalization rather than just its price. He believes that Bitcoin could still grow if it captures even a small percentage of the huge wealth held in traditional assets, such as global equities which are around 100 times larger.