Bulls Are Back in Town? Experts Weigh in on Bitcoin Price Rise
The price of Bitcoin has risen to its highest point since last November, reaching approximately $4,850 according to crypto asset price comparison site Coinmarketcap. Having broken the $5,000 mark on some exchanges, the Bitcoin price did pull away back to around $4,720 at the time of composing.
Numerous long-lasting analysts on the space have taken the unexpected price increase as an indication of completion of the continuous bearishness. However, others believe the surge to be just another bull-trap-bounce and that lower prices are to be expected.
Bitcoin Posts Big Gains, But Will It Last?
As typical, when the Bitcoin price shoots up, there is a mad scramble to discuss the unexpected shift. Talking to Reuters, Oliver von Landsberg, CEO of crypto firm BCB Group, offered one possible explanation:
“There has been a single order that has been algorithmically-managed across these three venues [Coinbase, Bitstamp, and Kraken], of around 20,000 BTC… If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour”.
Landsberg went on to state that the Bitcoin price action brought on by these big, anonymous orders had actually triggered a flurry of automated trading. Nevertheless, the reasoning behind the timing of the orders Landsberg describes remains a mystery.
Bloomberg did speculate that an April Fools post claiming that the long-awaited Bitcoin ETF had actually finally been authorized by the SEC might have set off a craze of buying action, maybe even influencing the placement of the orders cited by Reuters. However, other prominent individuals from the crypto industry were less inclined to draw such conclusions. The CEO of exchange platform Binance, Changpeng Zhao, Tweeted the following:
anyone know any news? I have been asked “a few” times, but honestly clueless.
— CZ Binance (@cz_binance) April 2, 2019
On the other hand, caring less for reasons, others have actually announced that the abrupt upwards movement of the Bitcoin price is indicative that the bearish market of 2018/19 is well and truly behind us.
Long-term Bitcoin bull and RT News presenter, Max Keiser, Tweeted:
#Bitcoin momentum has shifted bullish. As I tweeted a few months ago, when the Fed indicated they were moving to “permanent QE,” BTC bottomed out and the stage is set for new ATH.
— Max Keiser, tweet poet. (@maxkeiser) April 2, 2019
Sharing his belief is Trace Mayer, a successful investor and early Bitcoin evangelist. Mayer frequently describes a metric used to judge how overbought or offered Bitcoin is. This “Mayer Multiple” has been indicating that Bitcoin has actually been a bargain for the last couple of months:
Hope everyone accumulated plenty of #Bitcoin while @TIPMayerMultple flashed ‘cheap' signal being below 0.8.
‘Expensive' signal above 2.4 probably while away.
Meanwhile, $BTC fundamentals & network effects keep getting stronger.#RightAgain @PrestonPysh @TuurDemeester @lopp pic.twitter.com/UCx2Ev3RHl
— Trace Mayer (@TraceMayer) April 2, 2019
Other prominent analysts on the space reviewed financier rationale and how it might impact the remainder of the crypto market. The Crypto Dog speculated that any bullish increase for Bitcoin might be magnified for altcoins:
Normies across the world are waking up and hearing about #Bitcoin's pump.
Everyone loves a good get rich quick story and they're all going to be looking for their own – in $ALTs.
— The Crypto Dog (@TheCryptoDog) April 2, 2019
Meanwhile, popular podcaster and co-founder of Morgan Creek Digital, Anthony Pompliano, simply stated:
BITCOIN IS BACK, BABY
— Pomp (@APompliano) April 2, 2019
However, not everybody with a generally bullish outlook on the Bitcoin and crypto industry shares the short-term optimism of those discussed so far. Tyler Jenks, the founder of Lucid Investments and an experienced trader, still thinks that the price should first go back to its pre-2017-bull-run levels before another bull market can begin effectively. This, according to Jenks, would include a drop to between $1,000 and $2,000. More information about Jenks's projections can be found by means of his YouTube channel, HyperWave.
Bitcoin hit Tone’s $5,100 target. Congratulations!! Great call. Watch his vlog this morning from Istanbul airport. Calls top perfectly! No, change by Bear market views. @LeahWald @ToneVays @venzen @Sawcruhteez
— Tyler Jenks (@LucidInvestment) April 2, 2019
Regardless of stating that Bitcoin is still entirely in a bear market, Jenks does have optimism for its future. He thinks the primary digital asset by market capitalisation might one day act as an international reserve currency. In this scenario, the investor sees a price of over $10 million per BTC long-term.
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