Bitcoin surging 19% is only the beginning, says analyst

06 Apr, 2019 | Updated: 07 Apr, 2019
by Richard Allen
Bitcoin surging 19% is only the beginning, says analyst

April 1 saw Bitcoin's price surge by 19% from around $4,200 to $5,000, hitting its peak at $5,300 the following day across several major exchanges. While everyone was pleased with the sudden uptake, one crypto analyst predicts this is just the beginning.

According to the analyst, going by the Twitter handle @Rythmtrader, Bitcoin’s surge can be attributed by a buy order amounting to around 20,000 Bitcoin, worth about $100 million.

As CCN reports, if the absorption of sell orders a the $4,200 resistance level, which Bitcoin failed to test for most of the first quarter of 2019, the orders would amount to over $200 million. However, the analyst states that if the rest of the movement from $4,200 to the $5,000 level was triggered by 7,000 Bitcoin, a promising rally can be expected as we approach Bitcoin’s halvening.

That 7,000 BTC figure came from a Reuters report, which quoted Oliver von Landsberg-Sadie, CEO of cryptocurrency firm BCB Group as saying:

“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC,” he said. “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.”

Read more: Was today's Bitcoin (BTC) spike caused by just one $100 million order?

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Read more about: Bitcoin (BTC)


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