Bitcoin rally: reasons why BTC is going parabolic today

11 May, 2019
Breaking News
Bitcoin rally: reasons why BTC is going parabolic today

Bitcoin price has surged up to new 2019 highs, touching $6,900. What could be the possible causes for the recent price surge over the weekend? 

Whale Manipulation
With Bitcoin's climb hitting resistance around $6,400 following the recent price break at $6,000, it would not be uncommon for traders to flip short on their trades as Bitcoin cools off and performs a healthy retrace after climbing over $2,000 in recent weeks from $4,200. Whales could be manipulating the price and keep it up, forcing short traders to liquidate their trades and squeeze the price higher. There is a good possibility price can push higher if the squeeze on shorters is successful, as trader Willy Woo explains in this thread.

Consensus 2019
With one of the biggest crypto gatherings in the industry, Consensus has been well known with causing the market to pump during the event. However following the bear market of 2018, Consensus appeared to have no effect whatsoever on the market. It could be possible that with the recent shift in momentum and the bull market on the verge of new highs for BTC continue, Consensus may very well be helping the cause and pushing positive sentiment.

It can always be expected that crypto projects will announce new plans, developments and news at the event, all leading to more positive momentum.

Institutional growth
The growth in BTC this year could also be credited to the amount of institutional investors getting involved in bitcoin. This year has seen the growth of bitcoin on a larger scale with some bigger players starting to enter the market. Most of the institutional players that are entering the market have made it very clear that bitcoin could be priced at upwards of $50,000 in the near future. Perhaps the perfect time to enter was in January when bitcoin was trading at $3,400. 2019 has seen major players such as Etrade, TD Ameritrade and Fidelity all look to move into the crypto space, and potentially offer BTC in the coming months. 

CNBC counter trade indicator (does it really work?)
Not a real reason of course. But interesting is that CNBC’s Bitcoin analysis continues to provide counter trading signals that have proven to be extremely successful. CNBC have become a meme when it comes to predicting the price of BTC, getting it wrong almost 100% of the price. It is not umcommon for twitter to roast CNCB about their calls and jokingly call do the opposite of what the CNBC call is. Their recent price action video states that Bitcoin would not hold the $6,000 and that they would be shorting from $6,200. As you can see, that trade would have been disastrous. While the CNBC counter trade indicator started off as a joke, it has actually been extremely successful. 

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Read more about: Bitcoin (BTC)

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