[2019-04-08] Bitcoin Fever Driven By Stocks 'Pessimism' As Global Debt Hits $243

[Jgilpulg]

In parallel, bitcoin price has recently led a spectacular rally of cryptocurrencies, while heavyweight Wall Street firms have increased their involvement in the crypto market.

https://bitcoinist.com/bitcoin-price-global-debt-243-trillion/

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[figmentofmyass]

the stock market doesn't look pessimistic at all, the complete opposite in fact. the last time we saw a v bottom recovery like this was 2016, after which the market rose another 44% over 3 years. any crash in the stock market has now been delayed by years. in my view, that's a very good thing for bitcoin since it probably means money will keep flowing into risky/speculative assets.

[BitHodler]

I really expected the stock market to sink hard, but it surprisingly did the exact opposite and those who shorted rekt themselves in the worst possible way. Glad I don't trade stocks at all, otherwise it wouldn't end well for me.

Bitcoin's surge seems rather technical and could extend even further in the coming weeks. In other words, it's not related to stocks or anything else. The charts look healthy and more people start to buy in believing the bottom is in.

I hope for more accumulation below the $5000 mark, preferably below the $4000 mark, but I am ready to ride the market up as it comes.

[joniboini]

I also believe the recent mini bull run on Bitcoin was based on technical analysis only. No big fundamental changes, just chart looks ok and some people fomo in to get more. Maybe they hope or believe in the halving theory that is due to happen in the following years. Some people even suggest that Bitcoin should reach $62k after the halving, and another one said $100k. To put it simply, everybody looks optimistic for the halving.

[Kemarit]

LOL, another garbage article:

Burgess admits that nobody knows for sure what is propelling and sustaining bitcoin’s price surge to over $5,000. However, in this regard, Richardson GMP, one of Canada’s leading management firms, has suggested the following factors:

1) A short covering/squeeze that was triggered when Bitcoin recently moved above $4,000;
2) A blockchain conference in Seoul;
3) An exchange of pounds for Bitcoin by British citizens in case Brexit goes horribly wrong;
4) An April Fools’ Day story on an obscure crypto website claiming the U.S. Securities and Exchange Commission approved Bitcoin exchange-traded funds.

I doubt any of them are the reasons for the sudden price increased. Bitcoin increased in bound to happened, only the timing is just a bit questionable, (after April Fools), but it looks like the gained is getting stronger as FOMO is already setting in after a week now.

[1Referee]

1) A short covering/squeeze that was triggered when Bitcoin recently moved above $4,000;

This is the only thing that makes sense.

We formed an ascending triangle that had some more time to play out, but it broke out way sooner than expected, which basically means that shorters were not optimally prepared to adjust their positions. Bitmex liquidated hundreds of millions worth of shorts during that price explosion, and this of course helps fueling the price to increase.

Last year's descending triangle statistically had a higher percentage potential to break out to the down side, and it did. People shorting it just based on that did extremely well.

Currently we're doing the exact opposite with an ascending triangle, which statistically has a higher percentage potential to break out to the up side. I am already accumulating, but I'll try to put in a long just before it breaks out, and that's a trade based on a better overall probability.

I really believed there was enough time to put in a long on Bitmex, but nope. So close.

[pixie85]

I also believe the recent mini bull run on Bitcoin was based on technical analysis only. No big fundamental changes, just chart looks ok and some people fomo in to get more. Maybe they hope or believe in the halving theory that is due to happen in the following years. Some people even suggest that Bitcoin should reach $62k after the halving, and another one said $100k. To put it simply, everybody looks optimistic for the halving.

We'll see if it lasts. 5000 was the smaller obstacle. It was the first step to confirm the bull market and we are above it. If the 6000 gets confirmed as well there will be no doubt but it  could take some time. A drop towards a higher low and then an attempt to rocket above 6000 is much more probable. We were hitting this support level on the way down many times and it won't break and become a support again that easy. It will first be a heavy resistance.

Bear analysts are saying that bitcoin is looking weak and that we won't keep going up like this. I hope they are wrong.

[Harlot]

Really??? They didn't have any physical proof that Wall street money is really entering the crypto market except from a quote from a guy that also has no proof about it only his statement. I hate it with this kind of shit happens when they just  try to create news everytime Bitcoin goes up or down and try to relate it as much as they cay without even trying to make sense first. The bull run was long overdue and simply there are no external factors that could have done it.

[carlfebz2]

Bear analysts are saying that bitcoin is looking weak and that we won't keep going up like this. I hope they are wrong.

I dont really believe into these so called bear analyst.They can say all things that they want but we are currently seeing on whats happening on the market.Its always been
questionable on how do things happen specially this gradual increase and tanking up with 5000 price the things being mentioned above might be one of the reasons but who knows on whats
exactly happening behind the curtains.

[BitHodler]

I dont really believe into these so called bear analyst.They can say all things that they want but we are currently seeing on whats happening on the market.

There is no such a thing as 'bear analysts'. If you think logically, every unbiased analyst follows the trend and assumes things will be like that until the market signals a trend reversal, which we don't have yet.

Admittedly, some analysts are extremely bearish, but that's their opinion at the end of the day. I am actually more interested in reading through realistic 'bearish' analysis rather than 'Bitcoin to the moon' fanboy analysis.

Purely based on the statistics, those who people refer to as bears, trolls, fudsters, have all been more right than those who kept believing in a miraculous recovery to whatever level above the $10k mark.