Bitcoin News
Bitcoin Price Watch: BTC Witnesses Over 35% Increase Within a Day, Obvious Hints Went Unseen?
The price of Bitcoin had its third biggest day movement in its decade long history by moving over 40% upwards in the past 24 hours. After a 2019 high of nearly $14,000 all the way up from is 2018 bear market low of under $3,500, the BTC/USD exchange rate value is back with a bang and the volatility has come with it.
Bitcoin [BTC] has had yet another roller coaster ride in 2019, with many previously suggesting that the crypto winter has finally put the giant’s miseries to an end. Unfortunately, some time after, the price dropped to the $7,000 ranges shocking the entire cryptoverse. Just when BTC’s drop shook numerous new outlets, another evident shock has come our way.
Shapeshift CEO, Erik Voorhees also made note of this growth by tweeting,
Can anyone tell me the last time Bitcoin moved up >30% in one day? This is unreal.
— Erik Voorhees (@ErikVoorhees) October 26, 2019
Twitter user, Stacy Herbert since responded stating that it could date as far back as 2011, to which the CEO responded of course, but at that time, the market cap was so small, it could not be compared to that of today.
Economist and trader, Alex Kruger also mentioned the tremendous increase in value,
$BTC has moved +42% today
– 4th largest gain in history and largest since May/10/2011 (if comparing against daily returns).
– 15th largest two-day gain in history, Nov/18/2013.
Thank you China.
President Xi is the true Crypto Dad.
— Alex Krüger (@krugermacro) October 26, 2019
All that being said, was this tremendous hike in prices probable to happen? According to many traders and crypto fanatics, there were some obvious factors that went unnoticed.
Bitcoin Bottom of October 24 Predicted as Early as January 2019?
It turns out that yesterday’s drop in BTC value was already predicted by a trader who goes by the name Looposhi. What is remarkable is the fact that said prediction, with exact date was made as early as January 4, 2019. That said, there’s apparently another one surfing the internet.
BITCOIN BOTTOM 24 OCT 2019
— Looposhi (@22loops) January 4, 2019
In particular, it was noted that another prediction made available indicated that April and July 2019 values for BTC would be $5,300 and $9,200 respectively. Astonishingly, both predictions came true. What is the next date that appears on this list? Turns out that BTC’s value is anticipated to go as high as $16,000! The real jumps in value predicted for 2020, with BTC possibly reaching as high as 56,000 by July 2020.
While the numbers are very pleasing, especially for investors, crypto trader, Josh Rager does not think said prediction should be taken seriously given that the possible low is still questionable.
Here’s as per his words:
“The trend is still down but in short term trades, sideways can allow a few alts to outperform BTC.”
— Edward Snowden (@Snowden) October 26, 2019
which everyone in the bitcoin and larger cryptocurrency community wonders:
What if.. @Snowden is anon. 🤔 pic.twitter.com/e1i1jyM2c3
— Jacob Canfield (@JacobCanfield) October 26, 2019
CME, President of China and Stock Market Performance to Have Upped BTC’s Value?
How is it that BTC’s value shot up by 30 percent within a day’s time? One would assume that there must have been some sort of driving force. Scrap that, it’s not one but apparently three different forces that might be lending a helping hand in pushing the prices up.
The first possible driving force is CME. The last Friday of month ends are typically when Bitcoin contracts expire by the CME books. This is said to have had an effect on the overall price. In addition to Crypto Twitter’s post, comes crypto analyst, The Moon’s viewpoint, where the fanatic emphasized that BTC has created a gap within CME BTC futures contracts. So what? As it turns out, it could be such gaps that have been allowing for price surges.
Next, we have President of China, XI Jinping, who happens to have spread positive energy regarding blockchain technology. More specifically, he supposedly noted that the country should “seize the opportunity [and] take the leading position,” within blockchain technology.
CEO of Binance, Changpeng Zhao, has immediately put together two and two to tweet out,
In Jan 2016, Chairman of Central Bank of China says Blockchain is important. Bitcoin companies in China suddenly all became blockchain companies. And thankfully (for me), price started to recover, and lead into the #altszn in 2017, as well as $BTC ATH again at $20,000 in Dec.
— CZ Binance (@cz_binance) October 25, 2019
In fact, this was purportedly the same time in which 2017 saw altcoins’ performance explode and the renowned $20,000 value in December. Does this mean that the President’s support is surely to drive the prices to the moon? As per Kruger, it might not be the case. Why?
“Assume China’s president has private blockchains in mind. Blockchain, not crypto. Control and surveillance, not freedom and privacy.”
Crypto Hustle also responded, “Calm your panties down […] China said “blockchain” not Bitcoin.”
Finally, comes the fact that BTC wasn’t the only market to have flourished in a short time span. This trend was allegedly present within the stock market as well, following the US-China Trade War front.
Bakkt Achieves a New Milestone for the Books, Binance Futures Surpass $1Billion
There are clearly a lot of assumptions being made as to why BTC is making great leaps. That said, some events that took place recently are reasoned as possibly having affected the market altogether. For instance, Bakkt witnessed an all-time high when it comes to the platform’s traded contracts. To put things into perspective, 640 BTC contracts have been traded, which is a clear surge from the previous day’s 85 contracts.
In addition to Bakkt’s recent milestone comes Binance Futures’ volume, which supposedly surpassed 1 billion (1.28 billion to be precise) in volume, as per Gautam Chhugani. The numbers are even more impressive for Binance U.S, amounting to a total of $17.4 million.
What will it be? Do we go by the aforementioned predictions? Should we be trying to find the possible lows BTC will reach? Or has BTC overcome yet another struggling phase? Let us know in the comments below!