Bitcoin Price Analysis: What Has Triggered 30% Surge?

Pamadar

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Quote from: blckhawk on October 26, 2019, 08:06:31 AM

Quote from: Prateek_sharma on October 26, 2019, 03:27:09 AM

Bitcoin Price Analysis: The current Bitcoin price at the time of writing is $9,727.82, with a market cap of $175,232,275,249.

Read here: https://coinpedia.org/news/price-analysis/bitcoin-crosses-9k-price/

What's your take on this?

Several analysis has been talking a lot about the Chinese government announcing support for Bitcoin is what triggered the price increase, but we can only speculate. It could also be the reason why Bitmex has reported increase in demand. But that huge increase could also be caused only by whales in the market, artificially pumping the price which may have caused surge in buying Bitcoin and in exchanges. I'm just hoping that current prices would be our new support level and would continue to increase to another resistance.

Those both news really creates impact and pull the trigger up for this market, several days ago the talk around the forum is the possibilities that the price can fall down to $5k with more fuds spreading around pushing those weak holders to sell their assets, for sure they are now regretting for doing such actions. Making mistakes listening from the market trend, looking for this support level to hold and stay strong.

Whatever the reason behind this quick bounced it's best to keep yourself continue doing research and carefully analyze your next actions, avoiding to make mistakes when there's certain market movements.

Wexnident

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Another day, another rise. Or could be another day, another fall. Well most people are saying the reason was about how China rushed the implementation of blockchain technology in their country. The other was because of the probable influence of Bakkt since they recently achieved an ATH on their volume.

Still, not one of us could really determine the cause since the market has always been like that.

Quote from: Zemomtum on October 28, 2019, 07:53:43 PM

It may not far fetch from the recent news from China. For few years back, China is against anything crypto, but now embracing blockchain technology. This kind of New can trigger price action

Well yea, they're against BTC. But this didn't really mean they were against blockchain technology. Blockchain was kind of the platform of BTC and should be defined differently from BTC itself. Besides, blockchain tech could be used not only in crypto but other things as well.

Zemomtum

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It may not far fetch from the recent news from China. For few years back, China is against anything crypto, but now embracing blockchain technology. This kind of New can trigger price action

bohr

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Quote from: buwaytress on October 26, 2019, 11:50:00 AM

Why the need to know what triggers price surges and price dips? Just enjoy the ride on the swell, and try to hold on to your hat if goes even higher.

Oh and when it does go down again, as it inevitably will, just try and remember the days like these and look forward to them coming again.

Investors would like to know the answer to this because if they know the causes of this kind of price increase they believe they will be capable of predicting it, we know that is impossible but investors despite their claims have never been too rational, one day they are bearish and they believe with all their heart the price will keep going down and then the market moves and suddenly they are bullish and they believe we are going to reach a new all time high.

sunsilk

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Quote from: Oasisman on October 26, 2019, 07:47:22 AM

A huge accumulation, I agree with that. Because thats the most certain thing to happen if the market reaction is in upward motion. Speculations and news are just a tool to influence the decisions of the retail investors and traders.

Well, $16,000 is possible, we still have less than a week before the end of the month. But, that's really a bullish prediction.

As the market dipped for a while, we're seeing it becoming more stable this time. And looking at it, we have now a higher support and it will break back to $10,000 so quick. About that $16,000 prediction.

Well, yeah, few days left and we will about to see if that prediction is going to be correct. And for sure if it will become into reality, the other prediction will be believed as well because his other predictions were correct.

gabbie2010

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Quote from: CarnagexD on October 26, 2019, 09:25:08 AM

Quote from: Prateek_sharma on October 26, 2019, 03:27:09 AM

Bitcoin Price Analysis: The current Bitcoin price at the time of writing is $9,727.82, with a market cap of $175,232,275,249.

Read here: https://coinpedia.org/news/price-analysis/bitcoin-crosses-9k-price/

What's your take on this?

The movement of bitcoin is hard to predict just like what happen earlier where it hits the price of 10,000$ and I guess many of us expect that it might be the start of another long uptrend but, a few minutes later the price of bitcoin drop again at the price of 9800$ and as of now this is current price of bitcoin 9,169.68$. So do you think at the end of this month the price of bitcoin might hit 10,000$ and become stable at that price?

With turn of events as far as the price of bitcoin is concerned the price had corrected to 9,169$ having pulled upward to $10,000 of course we can't expect the price to keep on pumping irrespective of Chinese government adoption of blockchain technology as it is now I am hoping the price stays at the present support zone before another bullish runs which could hit the much anticipated $10,000 mark.

buwaytress

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Why the need to know what triggers price surges and price dips? Just enjoy the ride on the swell, and try to hold on to your hat if goes even higher.

Oh and when it does go down again, as it inevitably will, just try and remember the days like these and look forward to them coming again.

Quote from: franky1 on October 26, 2019, 03:30:13 AM

just another day
3 days ago price went down. now it goes up.

Mr miagi teach daniel son. "market is like painting fence.. up down up down up down up down"

And sometimes, when we bored, we paint fence down down down, then up up up. And also, if we tired and change hand, we like to paint fence side to side, but always we want all the fence covered.

CarnagexD

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Quote from: Prateek_sharma on October 26, 2019, 03:27:09 AM

Bitcoin Price Analysis: The current Bitcoin price at the time of writing is $9,727.82, with a market cap of $175,232,275,249.

Read here: https://coinpedia.org/news/price-analysis/bitcoin-crosses-9k-price/

What's your take on this?

The movement of bitcoin is hard to predict just like what happen earlier where it hits the price of 10,000$ and I guess many of us expect that it might be the start of another long uptrend but, a few minutes later the price of bitcoin drop again at the price of 9800$ and as of now this is current price of bitcoin 9,169.68$. So do you think at the end of this month the price of bitcoin might hit 10,000$ and become stable at that price?

blckhawk

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Quote from: Prateek_sharma on October 26, 2019, 03:27:09 AM

Bitcoin Price Analysis: The current Bitcoin price at the time of writing is $9,727.82, with a market cap of $175,232,275,249.

Read here: https://coinpedia.org/news/price-analysis/bitcoin-crosses-9k-price/

What's your take on this?

Several analysis has been talking a lot about the Chinese government announcing support for Bitcoin is what triggered the price increase, but we can only speculate. It could also be the reason why Bitmex has reported increase in demand. But that huge increase could also be caused only by whales in the market, artificially pumping the price which may have caused surge in buying Bitcoin and in exchanges. I'm just hoping that current prices would be our new support level and would continue to increase to another resistance.

Kyraishi

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I think it's due to a variety of 2 factors.

The recent news from China that they were basically working on their own cryptocurrency and heavily favored and liked blockchain technology.

This could have very well caused whale movements shortly after (possible new Chinese whale?) which then prompted the market to follow suit and go up an impressive amount to break the 10,000 walls.

qiman

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Quote from: Prateek_sharma on October 26, 2019, 07:02:10 AM

Quote from: error08 on October 26, 2019, 06:56:18 AM

Bitcoin adoption and blockchain adoption are two different things, but is it really China was the reason behind this surge? Hmmm, I don't think so.
China has banned bitcoin and they just want to adopt blockchain technology. But this may contribute to recent bulls run > Bitmex exchange saw around $9 billion worth of Bitcoin futures exchange as reported by SKEW statistics. This has further created an increase in price.

This meme describe it...

Yeah!!!

Last time it was the CHINA FUD that was loaded that helped the crash and now the CHINA FOMO is kicking in, which is very funny to say the least. I think people just play with the media outlets and they have their own agenda to pump and dump at will, using this or that piece of news as a trigger to make the wave effect happen in these markets. It is also very strange as China is not a fan of Bitcoin, but this news helped to make the pump happen for Bitcoin which was expected anyway after the last retrace. Everyone was waiting after the pull back for the long to play out.

Oasisman

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Quote from: sunsilk on October 26, 2019, 06:33:02 AM

Quote from: Oasisman on October 26, 2019, 06:03:24 AM

Quote from: sunsilk on October 26, 2019, 05:55:45 AM

A very basic motion for bitcoin although it's still surprising even though we've seen it before. The speculated reason for this surge is with the words that came from Chinese President Xi Jinping. But I don't think that's the reason alone.

Just like what's on the news: Bitcoin Jumps 12% as China’s Xi Embraces Blockchain, Boosting Crypto Sentiment

Maybe that's one reason, but I dont think it is the "main" reason, since the Chinese president did not directly said he is interested in Bitcoin or any cryptocurrency. Instead, It's the blockchain technology alone is where he is interested in. Just my opinion.

Yes, he didn't said about bitcoin in general or cryptocurrencies but that's how the market reacted. As I've said, this might not be the only reason why the market has surged. There must be some other events that trigger this market.

It could also be that the market simply moving just like the old days and there must be some accumulation that happens within the retail investors. Right now, there are talks about the famous prediction of $16,000 and this has given hope to it until the end of this month.

A huge accumulation, I agree with that. Because thats the most certain thing to happen if the market reaction is in upward motion. Speculations and news are just a tool to influence the decisions of the retail investors and traders.

Well, $16,000 is possible, we still have less than a week before the end of the month. But, that's really a bullish prediction.

bassbity

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I hope this will take a long time and the news that hits again is now positive, if bitcoin is approaching Halving then I'm sure this will be a tremendous spike, bitcoin can reach its highest peak and it will happen soon.

Tipstar

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It was due to some whale movement https://beincrypto.com/134m-worth-of-bitcoin-was-just-moved-between-wallets/

The whales created a bullish market to buy coins for cheap and when they bought a huge amount, every small and large investors jumped into. It that process the whales earned a good profit while they still hold a large part of their bought coins.

Willitivity

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So many 'WHYS' on everyone's lips. Just in th past 20hrs, so many similar thread has filled up the forum.
It's basically a market recovery phase, we can't be in downtrend forever, at some point there ought to be a recovery, and that's it now.
Furthermore, the Chinese news has also been another good reason for what we are seeing now.

Prateek_sharma

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Quote from: error08 on October 26, 2019, 06:56:18 AM

Bitcoin adoption and blockchain adoption are two different things, but is it really China was the reason behind this surge? Hmmm, I don't think so.
China has banned bitcoin and they just want to adopt blockchain technology. But this may contribute to recent bulls run > Bitmex exchange saw around $9 billion worth of Bitcoin futures exchange as reported by SKEW statistics. This has further created an increase in price.

This meme describe it...

Yeah!!!

error08

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Bitcoin adoption and blockchain adoption are two different things, but is it really China was the reason behind this surge? Hmmm, I don't think so.
China has banned bitcoin and they just want to adopt blockchain technology. But this may contribute to recent bulls run > Bitmex exchange saw around $9 billion worth of Bitcoin futures exchange as reported by SKEW statistics. This has further created an increase in price.

This meme describe it...

ChrisPop

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To me it is clear that the bulls are very powerful at the moment in the market and the surge was after a bear trap that generated liquidity for the institutional investors. This way the death cross on the daily has been denied beautifully. Looking for the former macro bull trend to resume and reach for a new ATH. The fundamental part of Bitcoin is just holding too much weight with the halvening coming in May 2020 and the big accounts capturing more and more BTC from the circulating supply.

XCANA

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Quote from: Palider on October 26, 2019, 04:42:07 AM

Quote from: Text on October 26, 2019, 03:47:06 AM

There is no difference to the other threads created just recently, popping out this kind of post expecting that the reason behind of bitcoin price surge was because of announcement of China's adaptation of blockchain technology. Which is a great impact though in the crypto community. I think, the up trend would be continuous until the end of the year.

Hopefully this will continue until next year, until bitcoin halving arrives and if this happens we can easily see the bitcoin price reach 30,000 $ by mid-2020.

Personally, I don't see this price be kept for a very longtime because the news wasn't a hit for a longer price raise. China announced the adoption of Blockchain has a long way to go before the price of cryptocurrency can be on a longer hold. Although what we can see now, is a traction to what will happen in 2020. Bitcoin price to hit $30,000 next year halves is realistic if the government and the whales allows it.

sunsilk

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Quote from: Oasisman on October 26, 2019, 06:03:24 AM

Quote from: sunsilk on October 26, 2019, 05:55:45 AM

A very basic motion for bitcoin although it's still surprising even though we've seen it before. The speculated reason for this surge is with the words that came from Chinese President Xi Jinping. But I don't think that's the reason alone.

Just like what's on the news: Bitcoin Jumps 12% as China’s Xi Embraces Blockchain, Boosting Crypto Sentiment

Maybe that's one reason, but I dont think it is the "main" reason, since the Chinese president did not directly said he is interested in Bitcoin or any cryptocurrency. Instead, It's the blockchain technology alone is where he is interested in. Just my opinion.

Yes, he didn't said about bitcoin in general or cryptocurrencies but that's how the market reacted. As I've said, this might not be the only reason why the market has surged. There must be some other events that trigger this market.

It could also be that the market simply moving just like the old days and there must be some accumulation that happens within the retail investors. Right now, there are talks about the famous prediction of $16,000 and this has given hope to it until the end of this month.

Topic: Bitcoin Price Analysis: What Has Triggered 30% Surge? (Read 310 times)