Bitcoin Records Third-Highest Yearly Death Pronouncement Following Recent Slump
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As Bitcoin (BTC) and most of the crypto market lose value over the past two weeks, it appears as though the possibility of BTC hitting a six-digit level this year might be out of the picture. Nonetheless, the benchmark cryptocurrency still has a decent year-to-date performance, as it stands at +80% YTD.
However, this has not deterred skeptics and critics from pronouncing Bitcoin dead. The fabled Bitcoin obituary list shows that BTC has gotten the same death pronouncements this year as 2019. 2021’s BTC obituary currently stands at 41, the third-highest—along with 2019–so far.
In early November, BTC hit a new all-time high of $69K and has since slumped to the $51K area. It appears as though price corrections like this are what move critics to pronounce the digital asset dead. In 2017, BTC got close to touching $20K but missed and corrected lower. That year, the Bitcoin obituary list—hosted on 99bitcoins.com—shows that the asset had 124 death proclamations.
The second-highest pronouncements were in 2018 when the benchmark cryptocurrency recorded 93 death declarations. As of November 29, skeptics have pronounced BTC dead 41 times. The latest of such came from Bill Blain via the website capx.co, where he claimed that “Bitcoin Is Nothing But A Ponzi Scheme” and that cryptocurrencies accelerate inflation.
It is worth mentioning that BTC only ends up claiming new record highs regardless of how many times it is pronounced dead.
Key Bitcoin Levels to Watch — December 7
After retesting the $47K low yesterday, BTC bulls have facilitated a healthy rebound above the $50K psychological level as the influx of buyers increase.
That said, the benchmark cryptocurrency needs to hold above its daily open ($50.5K) till the next daily candle to invalidate the lingering bearish bias. A break below $50K could set BTC back on track to $47K and lower in the coming days. However, successfully holding above the $50.5K – $51K area should help BTC reclaim $53K in the near term.
Meanwhile, my resistance levels are at $51,400, $53,000, and $54,000, and my key support levels are at $50,500, $50,000, and $49,500.
Total Market Capitalization: $2.40 trillion
Bitcoin Market Capitalization: $968.6 trillion
Bitcoin Dominance: 40.5%
Market Rank: #1
