Bitcoin price recovers: price update

I went to bed last night (Australian time) confident in Bitcoin having found support around the US$13,000 range. I woke up this morning unsurprised to see the price testing US$15,000 - a roughly 15% pop.

As the chart shows, the price was making a rounding bottom, with decent support around $13k.

As I also noted in the chart, after a 30% correction in the Bitcoin price, I felt it was unlikely to take another major leg lower (although it was possible) with alts running so hard and the crypto market expanding. That would require something to be really wrong with Bitcoin, beyond teething issues.

Bitcoin was and is the pioneer in the space, and carries a brand that, in my opinion, other cryptos do not have yet. That's why I think alt-profits will eventually recycle into Bitcoin and its dominance share slowly recover. While Bitcoin's utility does not solely come from being a medium of exchange (I'm more with the Winklevoss twins on Bitcoin being 'digital gold' and a store of value as main utility), it is ahead of other cryptos in terms of merchant and community acceptance.

Bitcoin has been dragged down by a relentless onslaught of bad press and FUD. I'm hoping the price will retest US$17k and ATH later in January.

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