Bitcoin Market Looks Like Dotcom Bubble

Bitcoin has seen immense volatility over the past few weeks, fluctuating between major support and resistance levels on a daily basis. Monday’s price candle alone had a range of $ 8,000, the largest ever.

just the old 8k daily range pic.twitter.com/FXXet2NzmJ

– Nic Carter (@nic__carter) January 11, 2021

The cryptocurrency is currently trading for $ 35,000, but it fell to $ 30,000 just a few hours ago. Bitcoin was also trading at $ 42,000 late last week, which is a new all-time high for the asset.

This volatility and growth has led some to compare Bitcoin to dotcom boom and bust.

Related Reading: Wall Street Veteran Kickstart’s Own Bitcoin Fund with a $ 25M investment

Bitcoin and crypto are just like the 2000-2002 stock bubble?

Mark Cuban, billionaire, a shark tank “Shark” and owner of the National Basketball Association’s (NBA) Dallas Mavericks, says Bitcoin’s ongoing bull run is similar to the dotcom bubble:

“If you watch crypto trading, it’s just like the internet stock bubble. I AGREE. I think btc, eth, some others will be analogous to those built during the dotcom era, weather the bubble burst and thriving, like AMZN, EBay and Priceline. Many won’t. “

He added that many bitcoin and crypto investors will lose their capital, much like they did with internet stocks back then.

“MANY fortunes are made and LOST along the way and we find out who has the stomach for HODL and who doesn’t. My advice ? Find out how you can cover yourself. “

When watching crypto trading, it is just like the internet stock bubble. I AGREE. I think btc, eth, some others will be analogous to those built during the dotcom era, weather the bubble burst and thriving, like AMZN, EBay and Priceline. Many won’t

– Mark Cuban (@mcuban) January 11, 2021

Cubans have long talked about Bitcoin after saying in the past that it might make sense for investors to keep a fixed percentage of their investments in the cryptocurrency. However, on other occasions, he compared the leading cryptocurrency to bananas.

Related reading: DeFi Founder Targeting $ 8M Hack Says He Got His Hacker’s IP

Much growth will come

Cuban doesn’t make a price forecast, although analysts say the market has room for growth.

Chamath Palihapitiya, a Canadian-American venture capitalist known for buying a large chunk of the Bitcoin supply, says BTC could hit $ 100,000 to $ 200,000 in the future due to macroeconomic and geopolitical trends taking place today.

Other prominent investors in the space have made similar predictions and found that macro trends for Bitcoin are still bullish.

Joe Biden, the new president of the United States, is expected to call for a trillion dollar stimulus plan that may push the US dollar down.

Bitcoin will benefit from this as a hedge against the depreciation of the US dollar. Just yesterday, BTC crashed as the US dollar rebounded, and today the cryptocurrency rebounded as the US dollar fell again.

Related Topics: 3 Bitcoin On Chain Trends Show A Macro Bull Market Is Brewing

Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt Billionaire Investor Mark Cuban: Bitcoin Market Looks Like Dotcom Bubble