BITCOIN (BTC) goes BERSERK!!!

[Stigmooo]

Hello guys good day everyone.. were gaining momentum right now.. or maybe a start up and a time of climbing again.. I just want to quote the article that represents bitcoin price last night, and that's the reason why we've seen green prices in the market.. not all but most of alts rises too..


Bitcoin over the past half an hour has gone bonkers and has risen by $1000 and now trading at $8000 (at press time), just half an hour ago, Bitcoin was trading at $6900 with almost no hope in sight.
At 10:35 UTC, Bitcoin was trading at $6855 and now shoots up by 13%. Although there has been a slight pullback, the momentum seems to be back in the game, with all altcoins gaining a few percents as well.



https://i.imgur.com/SnW8hao.png

Mandan Moore a crypto investor says,
“Everybody wanted a reminder of what Bitcoin can do and now here it is. Boom mofos!”


God bless and thank you.. Just Invest and Hodl...

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[eminemcookie]

This offers very little insight in to what is actually going on and why there was such a significant spike. Saying 'the price rose by 15%' is not analysis, that's just saying what you see. It's hard to know exactly what happened but I would say that given the resistance shown around the mid 6000s and the fact the price had remained static there for a period, a large investor decided that a bottom had been found and decided to invest a considerable chunk, leading to the price increase we saw.

[boyptc]

And now its supporting $8,000 just like during its stay on $6,000 it's so slow but there's a rapid increase that can possibly be seen again.

[TravelMug]

This offers very little insight in to what is actually going on and why there was such a significant spike. Saying 'the price rose by 15%' is not analysis, that's just saying what you see. It's hard to know exactly what happened but I would say that given the resistance shown around the mid 6000s and the fact the price had remained static there for a period, a large investor decided that a bottom had been found and decided to invest a considerable chunk, leading to the price increase we saw.

But then after $8K has breached and we even get to $8200 if I'm not mistaken, the price falls down and keeps fluctuating around $7800-$8K. But to go to the next levels, we need to go and break $8500 unfortunately it didn't that's why the price is now on a wild swing and not going up in the last couple of hours. I guess daily traders again are doing it, we can't blame though. I hope that we can reach $8500-$9K at the end of the month. If we did, then its a good sign that the recovery has really started.

[Doell]

well the image has provided strong evidence that bitcoin will rise and rise as the dark period has passed and will now turn into bright green days ,other altcoins in this year will experience these improvements whether or not anything with those do not usually follow the bitcoin path

[LastJedi]

It's swings are very huge and unexpected.
Just was over $8300 yesterday and now back under $8000.
There is no major news concerning the cryptomarket to have such an effect on the price.
Do not know what is really fueling this decrease and then another increase in such a short amount of time.

[eminemcookie]

This offers very little insight in to what is actually going on and why there was such a significant spike. Saying 'the price rose by 15%' is not analysis, that's just saying what you see. It's hard to know exactly what happened but I would say that given the resistance shown around the mid 6000s and the fact the price had remained static there for a period, a large investor decided that a bottom had been found and decided to invest a considerable chunk, leading to the price increase we saw.

But then after $8K has breached and we even get to $8200 if I'm not mistaken, the price falls down and keeps fluctuating around $7800-$8K. But to go to the next levels, we need to go and break $8500 unfortunately it didn't that's why the price is now on a wild swing and not going up in the last couple of hours. I guess daily traders again are doing it, we can't blame though. I hope that we can reach $8500-$9K at the end of the month. If we did, then its a good sign that the recovery has really started.

You are right, it's important now that there is a reversal in the trend. However that does not have to mean 5% or more increases each day, as you rightly said, reaching 9k by the end of the month would be a significant sign that the downtrend is being reversed. In fact every day that the price does not fall will only bring confidence.

[peter0425]

It's swings are very huge and unexpected.
Just was over $8300 yesterday and now back under $8000.
There is no major news concerning the cryptomarket to have such an effect on the price.
Do not know what is really fueling this decrease and then another increase in such a short amount of time.

Well since the price is based on pure speculation here are a few theory as to why the price goes berserk,

1. It is trigger by the tax day in the US
2. Bitcoin market open up as crypto is announced to be Halal under Sharia law

So this might be a start of a bull run as it is still trading the $8K vicinity. But in order for that to happened, We need to pass the next mental barrier of $8500 as it keeps fluctuating and seems we needed more push and positive news to overcome it.

[BitHodler]

We need to pass the next mental barrier of $8500 as it keeps fluctuating and seems we needed more push and positive news to overcome it.

Positive news isn't a price driver anymore, and honestly speaking, it would be pretty pathetic if we constantly need good news or other happenings in order for the market to move up ~ the market should go up anyway.

The only difference is that without triggers the growth will be slower, but so what? If we don't break the several resistance barriers above current levels, then we simply said don't deserve to go up.

The price will increase as soon as the market is ready for it. If it isn't in the coming weeks, then it will be somewhere in the next few months. People pay too much attention to things that don't really matter for now.

[eminemcookie]

We need to pass the next mental barrier of $8500 as it keeps fluctuating and seems we needed more push and positive news to overcome it.

Positive news isn't a price driver anymore, and honestly speaking, it would be pretty pathetic if we constantly need good news or other happenings in order for the market to move up ~ the market should go up anyway.

The only difference is that without triggers the growth will be slower, but so what? If we don't break the several resistance barriers above current levels, then we simply said don't deserve to go up.

The price will increase as soon as the market is ready for it. If it isn't in the coming weeks, then it will be somewhere in the next few months. People pay too much attention to things that don't really matter for now.

I think it's incorrect to say that positive news isn't a driver, it's just people attach too much weight to it. Positive news changes sentiment in some small or large part and that's what drives the price. To say that positive news doesn't lead to price increases is wrong, it's just that it doesn't lead to major spikes and such that people believe it does.

[LastJedi]

It doesn't rely on good news it seems because in the past two days it has risen and nothing in the news of real importance has happened for it to do a huge increase.
It does when a large amount of bitcoin purchases happen like what I have seen of a buy up of 17 btc all at once on an exchange.

[gabmen]

It doesn't rely on good news it seems because in the past two days it has risen and nothing in the news of real importance has happened for it to do a huge increase.
It does when a large amount of bitcoin purchases happen like what I have seen of a buy up of 17 btc all at once on an exchange.

Perhaps a whale manipulating the price? I also was surprised with that 1k surge in an hour with nothing really to cause it aside from minimal positive news. And the price has gone steady for a few days there now.

[haroldtee]

1. It is trigger by the tax day in the US

I really doubt if this was the case since btc had that huge pump before the tax day.

2. Bitcoin market open up as crypto is announced to be Halal under Sharia law

This may actually be one of the factors, since the pump happened right about time when the news was announced, but it is still all speculation as any other thing could have caused it.
 

So this might be a start of a bull run as it is still trading the $8K vicinity. But in order for that to happened, We need to pass the next mental barrier of $8500 as it keeps fluctuating and seems we needed more push and positive news to overcome it.

Fortunately, we just broke that resistance which has set us up for an uptrend. I did not actually think we would be able to get enough volume to get that happen, but it is the market, always full of surprises. I guess we are going to be having some pretty bouncing upcoming week.

[BitHodler]

I think it's incorrect to say that positive news isn't a driver, it's just people attach too much weight to it. Positive news changes sentiment in some small or large part and that's what drives the price. To say that positive news doesn't lead to price increases is wrong, it's just that it doesn't lead to major spikes and such that people believe it does.

It hasn't been a price driver at all, so it's not wrong at all. Point me one positive news article or statement that changed the price or the statement in the last months. I certainly haven't seen anything be able to do so.

We have had so many positive developments in the last months, but the market completely discarded it all like it didn't matter. The only things we have seen affect the price or sentiment were fud and somewhat negative events.

Negativity, whether it's fud or an actually negatively tinted event, will always greatly nullify the potential effect of anything fitting in the category of good news. People react to market movers, and market movers don't care about good news.

No market reaction means no spike up. Market movers however like to exploit people's weakness for negativity, and that's something we have seen happen many many times this year alone.

[Baofeng]

It's swings are very huge and unexpected.
Just was over $8300 yesterday and now back under $8000.
There is no major news concerning the cryptomarket to have such an effect on the price.
Do not know what is really fueling this decrease and then another increase in such a short amount of time.

Well since the price is based on pure speculation here are a few theory as to why the price goes berserk,

1. It is trigger by the tax day in the US
2. Bitcoin market open up as crypto is announced to be Halal under Sharia law

So this might be a start of a bull run as it is still trading the $8K vicinity. But in order for that to happened, We need to pass the next mental barrier of $8500 as it keeps fluctuating and seems we needed more push and positive news to overcome it.

It looks like the mental barrier of $8500 has been broken or touch at least. And I don't see any positive news around (maybe I'm wrong) that really help to push the price to this levels.

So its a good and healthy sign that indeed the bearish trend is over. Its not a bull trap as what others is speculation. For me it looks like the interest of most investors are back that's why the price is now strong and might attempt to test $9K in the next coming days.