“Bitcoin is reaching a new ATH, Get Bitcoin to the Moon!” – What does it mean exactly?
The crypto community is a very diverse, brave, and creative group of people; and when you mix together humor, creativity, and sarcasm, you get funny memes. However, on top of funny memes, what has taken shape is a new vernacular, which I call “crypto terminology.” In this case, the phrase “to the moon.”
Crypto investors, day traders, Twitter people, and the like often say “to the moon” when talking about new all-time highs (ATHs). Although this phrase was more popularly used to cheer on DOGE’s rise, it’s also frequently used in reference to other cryptos like Bitcoin, or just plain old stocks.
What does Bitcoin to the Moon mean?
Not to be confused with the inappropriate joke, mooning in cryptocurrency means pushing the value of a cryptocurrency past its previous all-time high and causing its price to go through the roof. When a cryptocurrency’s price is going or appears to be going to the moon, there are no limits. Just like how outer space is infinite, crypto ATHs have no price ceiling.
When is Bitcoin mooning?
If the stock price for $AAPL goes from $148 to $150 in one month, a mere single digit 1.3% increase, we don’t say Apple is going to the moon. On the other hand, if Bitcoin goes from $30,000 on July 21 to $50,000 by August 23, a 66.6% increase, then we say Bitcoin is going to the moon.
The price increase has to be dramatic enough to where it triggers an emotional and ecstatic reaction, and it has to be exciting enough to be able to post to your social media following to attract people to rally with you. That’s the whole spirit behind “to the moon,” it’s everyone who invests in Bitcoin, mainly the whales and the hodlers, and getting them on a rocket ship and going to outer space.
The picture below shows what we mean by saying to the moon. It’s important to remember when the crypto herd is enthusiastic about something, it’s hard to stop them.
Is Bitcoin going to the Moon Now? [UPDATED AUG 2021]
After a month and a half of stagnation and a sideways trading market, where Bitcoin traded in the $29,000 to $37,000 range, the current value of Bitcoin shooting up to $50,000 was great news. Every crypto investor who is long Bitcoin wants Bitcoin to go “to the moon.” Essentially, what this means is they want Bitcoin to take off, reach new ATHs, bust through the resistance, and liquidate the shorts.
When is the Next Bitcoin ATH?
But what does Bitcoin ATH mean and how do we estimate that value? The previous Bitcoin ATH came in mid-April at a price of $64,234. Although the next ATH is unknown, the outlook for Bitcoin’s market value seems promising. Let’s hope the current bullish wave continues.