Is the next big wave coming for Bitcoin?

Bitcoin had held on to the high price range of 411,000 euros for weeks and showed a stability that had never been before. Then it hit $ 12,000, and to many it seemed like the volatility had taken a little break. Until she stopped doing it. Last week, in the midst of a stock market routine that saw tech giants shedding some key points, Bitcoin was also dumped, losing nearly $ 2,000. At the time of this writing, the world's most valuable crypto was even lower at $ 9,896 - its lowest level since late July. $ 10,000 has been viewed as the "psychological" limit for Bitcoin lately, and if it does, it sparked a very polarized debate about whether this is the time to buy or whether the extreme volatility is causing it to drop back to $ 6,000 - or worse. That is the eternally existential question for crypto, which is almost exclusively psychological and hardly tangible. But this time there are a few things that are different. For one thing, George Ball, CEO of investment firm Sanders Morris Harris, came out about a month ago and described today's Labor Day as a milestone for crypto. According to Ball, who also happens to be the former CEO of Prudential Securities, today could be the official start of Bitcoin's ascent into the mainstream. So far this year bitcoin has risen to COVID-19 and has benefited from government stimulus measures, not to mention a lot of money printing. With the market seeing a return to the safety of the US dollar since late last week, one of these Bitcoin boosters has been temporarily withdrawn. This year was also the first in which we really got a correlation between Bitcoin and the stock market, and the routine since last Thursday has impacted both of them. Swan Bitcoin CEO Cory Klippsten told Forbes last week that while bitcoin price movements have been highly correlated with US stock markets this year, "Bitcoin has been shown to be uncorrelated." "Bitcoin has proven to be uncorrelated over the longer term. At least it's a hedge against fiat inflation, but it also acts as a purchase option on a new global monetary system," said Klippsten, noting that there will likely be some hungry purchases of bitcoin if it falls below $ 10,000, which it does at the time of this writing. So how many purchases have you made on a dip so far? It's hard to tell, but CoinDesk uses Glassnode data to determine that the number of "accumulation addresses" has increased 2% in the past three weeks as Bitcoin went from $ 12,400 to under $ 10,000. Finding any correlations between Bitcoin and the US dollar, Bitcoin and the stock market, or Bitcoin and gold has been largely a no-brainer in the long run. Peter Schiff, a longtime goldworm who doesn't care much about bitcoin, always thought that if gold hit new highs, bitcoin would collapse. But that didn't happen last month when gold and bitcoin climbed right up with him. On the other side of that divide, we have the Winklevoss twins who were in an ongoing Twitter showdown with Schiff, with the former predicting $ 10,000 will be the new $ 1,000 for Bitcoin. In other words, $ 10,000 is the basis for every new decline in cryptocurrency. Schiff, even though he saw that Bitcoin didn't follow gold the other way in August, still believes this is just a bitcoin consolidation before a crash.