For some reason or another, Bitcoin investors have long gravitated to round numbers. $1, that’s important. $100, make sure you watch that level. $1,000, all hands on deck. According to a prominent cryptocurrency investor and commentator, there’s truth to the importance of these round numbers, especially in this nascent market.
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This would imply that reclamation of $10,000, then $20,000 on macro price scales will mean that Bitcoin has the fuel to shoot higher, potentially until it reaches another important round number.
Why Round Number Prices Are So Important for Crypto
In a recent podcast with Luke Martin, Su Zhu of Three Arrows Capital said that round numbers in the cryptocurrency market are extremely important. Zhu claimed that “round numbers have even more meaning in crypto [than forex] because this is what everyone thinks.”
This largely implies that Zhu believes that the leading cryptocurrency topping $10,000 will be an important moment in terms of price action analysis.
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Author: Nick Chong