What I Do When Bitcoin Pumps

Bitcoin hit $60k. It's up 44% in February and 160% the last year. Here's what I'm doing this week.

What I Do When Bitcoin Pumps

We’re in uncharted waters, again.

Bitcoin broke $60,000 for the first time since November 2021 last night and it’s difficult to say exactly what happens from here.

On the month, it’s up 44%.

In the last year, it’s up 160%.

I said two Fridays ago that we’ve only traded above $50,000 for six months at most in its entire 15 year history.

If $50k was rare, $60k is even rarer.

We’re talking about one or maybe two months total of trading above $60k in bitcoin’s history. This is all-time high territory that we only experienced around the Coinbase IPO in early 2021 and then again briefly at the end of that year. It was the end of the last market cycle. The third bitcoin halving hit in May 2020. The price of bitcoin was $8,821.42. Market cycles tend to top out 12-18 months post halving and that’s what bitcoin did in November 2021. It hit $69,000 before correcting into the bear market.