June 18, 2024

Three reasons that caused the growth of the Bitcoin rate by 40%

Three reasons that caused the growth of the Bitcoin rate by 40%

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There's never a dull moment with cryptocurrency, and in recent yearstwo days Bitcoin (BTC) once again proved this. The leading coin, whose price has consolidated around $ 8,000 since late September and then dropped to $ 7,300, made a bullish reversal, reaching $ 10,350 on Bitstamp in just one day.

For many, this came as a surprise, as some analysts predicted Bitcoin another deadly cross, as a result of which the fall will continue to $ 6,000.

At the time of writing, BTC was trading at around $ 9,640; price increases strengthened markets, resulting in a total market capitalization of more than $ 255 billion.

Of course, day traders and hodlers are delighted with the uptrend, however, even more crypto space participants are curious to find out the reason for the growth.

Let's look at factors that could affect the rise in the price of bitcoin.

China and blockchain

Three reasons that caused the growth of the Bitcoin rate by 40%

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Anyone who deals with cryptocurrency is enoughFor a long time, he knows that China has a huge impact on the cryptocurrency market. It started in 2013, when China's state-owned broadcaster CCTV first aired on the subject of bitcoin. Since that moment, the price of cryptocurrency has grown rapidly from $ 150 to a record high at that time and by the end of the year amounted to approximately $ 1180.

Yesterday during the 18th collective studyPolitburo of the Central Committee of the Communist Party of China Chinese President Xi Jinping has expressed support for blockchain technology and its benefits, calling on the country to increase investment in the sector.

As Mark Zuckerberg noted during congressional hearings last Thursday, this initiative poses a threat to US hegemony.

Many observers associate parabolicthe rise of 2019 with the announcement of the Facebook Libra project. Some analysts believe that Bitcoin's drop to $ 7,300 was due to Congressional hearings, during which politicians were hostile to Libra.

Weekend Bitcoin Activity

Three reasons that caused the growth of the Bitcoin rate by 40%

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Of course, it is very difficult to make market forecastscryptocurrencies. Perhaps the BTC price movement could have been caused by recent comments by the Chinese president, in addition, practice shows that bitcoin kits also affect price fluctuations.

According to this statement, using errorsmost traders, whales move the market in any direction, and at the most unexpected moment. This is confirmed by the fact that such a price action usually occurs on weekends. While many traders are resting, and the CME bitcoin futures market is shutting down, market manipulation is becoming easier.

Pay attention to the date of this tweet that the bottom of bitcoin will be passed on October 24, 2019.

Masked man and snowden

Three reasons that caused the growth of the Bitcoin rate by 40%

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By the way, to date, the most famous anonymous forecast appeared on the anonymous 4chan web forum in January 2019, when the market continued to be in a bearish trend.

Of the six assumptions, we can say that they are true:the first two &#8212; $5,300 in April and $9,200 in July. The next version on the list is &#8212; $16,000 by end of October. There are less than five days left until the end of the month, but after the recent colossal rise of BTC, everything is still possible.

It is curious that yesterday an American journalist andwhistleblower Edward Snowden tweeted with the same avatar as an anonymous user on 4chan. Was this just a coincidence? Or does Snowden, who currently resides in Russia, know something we don't?

“The bottom was reached on December 15, 2018, justlook at the charts. We are in a bull market. The last three months we are at the stage of accumulation, then we will slowly rise. Then there will be a boom. Take a screenshot of this message to double-check.

April 2019 &#8212; $5300, July 2019 &#8212;$9200, October 2019 &#8212; $16,000, February 2020 &#8212; $29,000, July 2020 &#8212; $56,000, November 2020 &#8212; $87,000. This will be a market with a capitalization of $1.5 trillion. BTC dominance will be only 40-46%. These graphs always tell the truth.”

Three reasons that caused the growth of the Bitcoin rate by 40%

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