Bitcoin is up 170% since the ECB called the ‘last gas’ at $16.4k.
Bitcoin (BTC) has gained nearly 170 percent after the European Central Bank (ECB) warned of an impending “surge”.
As noted by crypto fan Eric Wall and others on December 4, BTC's price action has done the exact opposite of economists' predictions.
ECB Bitcoin myopia: “What else are you doing wrong?”
On November 30, 2022, Bitcoin traded at just $16,400 when the ECB published an obituary blog post.
The post, which came after the FTX exchange and the subsequent market flight, argued that even those levels were a stopping point on the way to new lows.
Bitcoin price reached $69,000 in November 2021 before falling to $17,000 in mid-June 2022. Since then, the value has fluctuated around $20,000.
“For bitcoin fans, the seeming stabilization represents a gasp on the way to new highs. Perhaps, it is the artificially created last gasp before an irrational path – and this was already foreseeable before the FTX crash and sent the price of bitcoin below $16,000 .
This “last breath” continued to play at the beginning. After a dramatic gain on the day of publication, BTC/USD saw a resurgence of $16,400 in mid-December. After that, it saw rapid return increase by 70% in Q1, 2023 alone.
A year after the ECB's untimely demise, Bitcoin is at its highest level since April 2022, sitting at $43,800 at the time of writing, or 166% higher than when the bank sounded the alarm, according to data from Cointelegraph Markets Pro and TradingView.
Commenting on the funny mistake, Phillip Swift, creator of the statistics forum, joined Wall in expressing his satisfaction.
“You'll love to see it,” he commented while reposting the X (formerly Twitter) chart on Wall.
Alex Thorne, head of firm-wide research at crypto education resource Galaxy, questioned the ECB's competence.
“That's really good,” he replied to Wall.
“If you got this wrong in this case, what else did you get wrong?”
“Yes” for CBDC, “No” for BTC
The ECB is known as a Bitcoin skeptic, the bank's take on the market and its senior officials often cause embarrassment.
Related: Breakout or $40K Bull Trap? 5 things to know in Bitcoin this week
Last month, the head of the ECB, Christine Lagarde, complained that her daughter ignored her advice to invest in crypto and lost money as a result.
“As you can understand, I have a very low opinion of cryptos,” Lagarde said at a speaking engagement quoted by Reuters.
As Cointelegraph reports, the ECB is currently preparing to roll out a central bank digital currency, or CBCC, that has come under intense scrutiny after Lagarde admitted its transaction “monitoring” service.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
