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After the monumental price spike that caused Bitcoin to move from the region to $ 4,000 to $ 5,000, there were many rumors as to whether or not this decision confirmed the end of the persistent bear market – and if so, if BTC will begin to approach its $ 20,000, a peak reached end of 2017.
Although besieged investors are naturally concerned about the end of the bear market, a prominent cryptocurrency badyst said he believes Bitcoin would continue to earn $ 5,500 before being subjected to significant selling pressure that would push him back. in the region of $ 4,000.
Bitcoin continues its momentum after soaring prices yesterday
At the time of writing, Bitcoin is trading up more than 6% at its current price of $ 5,015, up from $ 4,700 in the past 24 hours. Soaring prices yesterday followed Monday's surge, pushing the BTC market from about 4,200 USD to over 4,800 USD, which ultimately resulted in a dramatic rise that dates back to the When the cryptography markets were to see price fluctuations of this magnitude. .
Although this parabolic price move has led many investors to lower prices for Bitcoin and all cryptography markets, traders should act slowly before making important decisions, as one badyst believes that Bitcoin will return in the near future at USD 4,500.
UB, a popular cryptocurrency badyst on Twitter, has raised this possibility in a recent tweet, stating that he would look to open short positions on BTC as soon as he would reach $ 5,500.
"$ BTC – I'm expecting a test of about 5.5k before any major withdrawal, that's where I'm going to start looking for shorts." After that, I'm a buyer in the area ranged from $ 4.6k to $ 4.5k .It is pure speculation, but I could see a new form of fork between $ 4350 and $ 5550 before the next major move ", has-it- he explains.
$ BTC – I'm waiting at a test of about 5.5k before any major withdrawal, that 's where I will start looking for shorts.
After that, I am a buyer in the area ranging from $ 4.6 to $ 4.5 thousand.
It's pure speculation, but I could see a new $ 4350 to $ 5550 fork form before the next major move.#BTC pic.twitter.com/y02NmLcpP4
– UB (@CryptoUB) April 3, 2019
Last price rise driven by a mbadive influx of volumes
After the mbadive rise in prices yesterday, rumors abound about its possible causes, ranging from an April fish joke on the approval of a highly anticipated Bitcoin ETF by the SEC to another amusing rumor that jokingly claimed that BTC was simply following the price of the lawyer – also jumped yesterday in the face of growing concerns over the closure of its southern border by the United States.
Avocado prices clearly follow bitcoin. pic.twitter.com/JgxrwnzWcw
– Tracy Alloway (@tracyalloway) April 2, 2019
A theory that seems more plausible has been put forward for the first time by Reuters and claims that a mysterious purchase order of BTC of an approximate value of $ 100 million has been the catalyst for rising prices, though, as recently indicated Mati Greenspan, senior market badyst at eToro. it would be impossible to prove.
"Of course, because of the anonymous nature of the cryptography market, it would be impossible to prove … If this is true, the mystery shopper certainly knew what he was doing. The build-up of orders over $ 4,200 that we talked about would have certainly resulted in a price response from his order, "said Greenspan.
Although lawyers 'and April Fools' Day is not counted in the latest BTC price hike, there is no doubt that the general market sentiment is starting to improve.
Selected image of Shutterstock.
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