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What was happening behind Friday's cryptographic boom?
Your eyes do not mock. Friday, the price of bitcoins has really exploded, since the BTC has exceeded $ 3,700 for the first time since eternity, apparently on the back of zero catalyst. Normally, altcoins followed, with Litecoin (LTC) recording a 30% gain, the majority of other cryptographic currencies with daily yields ranging from 8% to BTC and 30% to LTC.
This move, which was the first significant crypto volatility in a matter of weeks, pushed the global value of all crypto-currencies beyond $ 121 billion, a figure that flows after the deal and about $ 110 billion. , while the price of Bitcoin has stagnated at 3,400 inches-important annual low price point.
But what caused the soaring Bitcoin price?
Some have argued that this was caused by Litecoin's bump alone, the hype of the overall project reduction badociated with its potential integration of Grin-esque MimbleWimble technology and / or more traditional confidential transactions in a nearby location. to come up. However, some say that this has more to do with the more general fundamentals of the cryptosphere, especially with regard to the main badet and its not so walled garden ecosystem.
Some notable fundamentals, which have been seen as catalysts, include Abra's launch of stockpile capabilities, rumors about approval of a Bitcoin ETF application, the never-ending stream of Wall Street-focused products, and enough funny, a little bearish. comments from Fundstrat.
Bitcoin price: Where to go next?
Even if everything is fine, what will happen to the Bitcoin price?
Well, the most reputable Twitter badysts, who count tens of thousands of followers, claim that the advantage of crypto-currencies, especially BTC, is related to technical badysis. Benjamin Blunts, a volatile market badyst, said the diagonal down he had been following for four weeks ended with the change.
He later pointed out that the rise was coming in, drawing a somewhat nebulous arrow towards the $ 4,300 price level.
Looks like this diagonal end I followed for 4 weeks is over.
we go up now, RIP every 1800 bears,$ BTC $ XBT pic.twitter.com/2LS2ztJ1Nu
– "BenjaminBlunts" (@SmartContracter) February 8, 2019
Benjamin even pointed out that the $ 1,800 bears were still in pieces, which probably corresponds to a comment from his colleague, the Crypto Dog, in which the badyst said that he would not be too surprised to see $ 1,800 for BTC in the near future. .
DonAlt was apparently just as bullish. The prominent trader noted that BTC and Ethereum (ETH) were near the top of their near-term trading margins, which means that profit taking would be optimal. Still, given the "violence" that has occurred in these markets in recent weeks, Don pointed out that he would not be surprised to see $ 4,000 for the price of Bitcoin, which corresponds to about two levels of Importance, as shown in the image below.
$ BTC daily update:
All right, let's calm the euphoria for a second.
We have just reached the top of the trading range: it's time to take profits and lose money on ETH and BTC.
That said, the violence with which this has happened makes me think of $ 4k. pic.twitter.com/sUbvPOPWTT– DonAlt (@CryptoDonAlt) February 8, 2019
Galaxy, a prominent crypto bull and a self-proclaimed "stacking machine", has sketched an optimistic picture "Adam and Eve" describing the price of Bitcoin. In the badysis, which was initially optimistic, Galaxy noted that BTC could move slightly down for the moment, possibly to try again its annual lows, before exceeding $ 4,000 (which would confirm a recovery) and return above 5,000 USD, 6,000 USD and more. beyond here the end of the year.
And what would happen if. $ BTC pic.twitter.com/UT5ay7ElDn
– Galaxy (@galaxybtc) February 8, 2019
Title Image Courtesy of Marco Verch via Flickr
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