Why is Bitcoin pumping today?

02 Apr, 2019 | Updated: 02 Apr, 2019
Why is Bitcoin pumping today?

Bitcoin has seen its biggest positive surge in price for several months, climbing to a 2019 all-time high of $5100 on BitMex. The price increase sees BTC touch November 2018 prices, with the entire market cap also surging over $20 billion. So what are the possible reasons for Bitcoins price surge today?

Read more: Analyst on Bitcoin: 'Was a technical move, lots of entry orders at $4200'

April's Fool: SEC approves ETF, Buffett buys Bitcoin

This news circulated yesterday, during April fools day, stating that the SEC had approved the Bitcoin ETF. This decision has been pending for nearly a year now. The story however was fake and was simply an April fools day joke, 

Another possible reason could be the news that American business magnate Warren Buffett was said to be diversifying into Bitcoin. However, this news was old shared on April fools day, proving to be fake news as well. Warren Buffett who has a net worth of $82.7 billion was said to be diversifying into BTC yesterday. However most recently in real news, the magnate described BTC as being  "a delusion, basically." Buffett has also gone as far as to previously compare BTC to rate poison, call it "rat poison squared". So there is no wonder such news that Buffett would have flipped to the Bitcoin side and become a maximalist for the crypto would be great news. However it was not true.

Read more: Crypto community goes crazy after Bitcoin and altcoins pump: 'OG's knew'

Simply Bitcoin technical analysis

The overall market sentiment had been looking bullish for the past two weeks and bitcoin had been looking to retest $4,200 which was acting as resistance. Bitcoin could have simply broken past that resistance which then acted as a catalyst as buying pressure continued to overflow Bitcoin shorts, pushing the price to over $5,000 for a brief period.

Read more: What traders say about this Bitcoin pump: '$5K, then $5.5K'


Alt season is here

Could alt season be here already? Alt coins have seen some impressive pumps over the past few weeks, and it appears as if BTC is also having its own time to shine. Once BTC settles down again, this could be a catalyst for further altcoins to pump. The overall market cap has reached new 2019 highs with BTC also reaching new 2019 highs. It would be safe to assume the end of the bear market is upon us and that sentiment has shifted to a more positive outlook. Coupled with the LTC and BTC block reward halvings occuring both within the space of one year. Things could very easily be motion for the next altcoin season!


One year before Bitcoins next halving

Bitcoin has a history of gaining in price, from one year before a halving, history has shown that generally the price of bitcoin increases from one year before the halving of the block rewards. With just over 12 months remaining before the 2020 BTC halving perhaps traders have realized this and priced in the potential movements.

At this point it's too early to say what the exact catalyst for this Bitcoin run is, but with the positive sentiment in the market, maybe there doesn't have to be a reason at all...

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Read more about: Bitcoin (BTC)


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