[05-03-2019] Bitcoin Jumps 4% to New 2019 High Boosted by $20,000 Trigger Indica

[Janpie]

The bitcoin price has increased from $5,341 to $5,587 on Coinbase, getting close to surpassing a 2019 high at $5,594. In some crypto major markets, the bitcoin price surged past $5,600.

According to Peter Brandt, a technical analyst and a best-selling author, a technical indicator called the Factor’s benchmark weekly moving average (MA) has formed a similar structure it showed in 2015.

“The last time Factor’s benchmark weekly MA was in the current profile of turning from down to up was in Nov 2015 just as $BTC began its move from $340 to $19,800,” Brandt said.

Bitcoin’s strong performance comes amidst the iFinex scandal is being played out, a case in which the office of the New York Attorney General alleged Bitfinex of mismanaging $900 million of Tether’s cash reserves in an attempt to “cover-up” an $850 million loss.

Read more: https://www.ccn.com/bitcoin-jumps-4-to-new-2019-high-boosted-by-20000-trigger-indicator

[NeuroticFish]

Bitcoin’s strong performance comes amidst the iFinex scandal is being played out

Yep, it's a bit unexpected to rise this much right now, I was expecting a little dump before this.
Does it mean that the upwards pressure has build up so heavily so even a scandal like this doesn't stop it? Maybe. Is it only a pump? Maybe, although it would be strange.
Right now the current movement rises more questions than answers in my head.

[veleten]

the price is rising as we speak
today we had 6160$ at Bitfinex , the highest peak since November 2018
it looks like the bear trend is over and the price is going to break the 6500$ mark very soon
funnily enough , some of the top performing periods of bitcoin are attributed to Tether related scandals

[CryptoBry]

Bitcoin’s strong performance comes amidst the iFinex scandal is being played out

Yep, it's a bit unexpected to rise this much right now, I was expecting a little dump before this.
Does it mean that the upwards pressure has build up so heavily so even a scandal like this doesn't stop it? Maybe. Is it only a pump? Maybe, although it would be strange.
Right now the current movement rises more questions than answers in my head.

This is a good indication that finally Bitcoin is not anymore listening to perceived bad news on the horizon. I think this same trend also happened towards the end of 2017. Does this mean that we are now on the verge of a possible bull run? Well, many are hoping so but as for me I prefer a slow yet steady growth so we can avoid so much speculations and overheating (similar to 2017). Right now, there is a very positive interest coming from different institutional investors and once they are on board we can expect solid growth for Bitcoin especially towards the 3rd quarter of 2019.

[anu1908]

it looks like the bear trend is over and the price is going to break the 6500$ mark very soon
funnily enough , some of the top performing periods of bitcoin are attributed to Tether related scandals

some TA suggests that we're having some bearish divergence on the weekly though, but more or less the sentiment changed. a good thing but we don't kno what will happen for real.

Well, many are hoping so but as for me I prefer a slow yet steady growth so we can avoid so much speculations and overheating (similar to 2017). Right now, there is a very positive interest coming from different institutional investors and once they are on board we can expect solid growth for Bitcoin especially towards the 3rd quarter of 2019.

i personally believe any bull run will happen exactly like what happened in 2017. that will be repeated until the market mature enough and bitcoin find it's stable position imo.

[rodel caling]

Very surprising this quite increase of bitcoin until now bitcoin price showing as strong currency in the coin market cap. This is not expected of us, hope  this a beginning of the most awaited bullrun since bitcoin goes drops a year later.

[Mahanton]

the price is rising as we speak
today we had 6160$ at Bitfinex , the highest peak since November 2018
it looks like the bear trend is over and the price is going to break the 6500$ mark very soon
funnily enough , some of the top performing periods of bitcoin are attributed to Tether related scandals

The price had corrected after that price rise which isn't surprising but now it do really shows that bitcoins price can still hold up not to go below $5500 price
which is currently holding on $5700-5800 which is pretty good to see some recovery and becoming more strong as the month goes by.We cant still conclude that this is indeed
start of the bull run but seeing these recoveries do really give out some good impressions as a bitcoin supporter.

[hugeblack]

In the past, a change of 4% was a normal change and did not pay for all that optimism.

The same source (PeterLBrand) returned to make the following tweets:

Just an opinion -- there is a chance $BTC is topping here, having met its price target at key resistance. A correction could occur before another move toward 6500, then a more significant correction.

So he expects a correction before reaching $ 6,500 which seems more reasonable than the rush in many bullish analyzes.

[joniboini]

So he expects a correction before reaching $ 6,500 which seems more reasonable than the rush in many bullish analyzes.

Not really a surprise. Some so-called influencers use their power to exaggerate how far a trend come. If it's bearish they'll say that Bitcoin can dip to $1.8k or blablabla when it was trading around $4k. Then the next time they said Bitcoin will go to $6k when it struggles to get past $5.4k.

The best trading tip is to not follow influencers atm.

[coolcoinz]

It's interesting how most people were predicting that usdt news will be followed by a selloff and it didn't happen. For some time now I've been saying that bitcoin usually does the opposite of what the majority expects it to do. It seems that instead of exiting crypto and tether to fiat people bought more BTC. As a holder, I couldn't be more happy about it.

[BitHodler]

It's interesting how most people were predicting that usdt news will be followed by a selloff and it didn't happen. For some time now I've been saying that bitcoin usually does the opposite of what the majority expects it to do. It seems that instead of exiting crypto and tether to fiat people bought more BTC. As a holder, I couldn't be more happy about it.

Tether messing up should actually make the price go down, so from there it's not entirely surprising that people think it will. The fact that it doesn't happen hints at a market that seems to be ok with them being shady.

I think the momentum right now is so strong, that it's unlikely to experience a major selloff. A simple 5-10% correction is all that we can expect, and we already got it before we made another yearly high this week.

Bitfinex has seen its Bitcoin and Ethereum cold wallets decrease significantly in the last few weeks. I really hope that people won't be making the same mistake again and deposit coins once drama starts fading.

[1Referee]

In the past, a change of 4% was a normal change and did not pay for all that optimism.

It still doesn't in most cases, but when that 4% change made the price reach its highest point this year then it is a worthwhile move.

Tether messing up should actually make the price go down, so from there it's not entirely surprising that people think it will. The fact that it doesn't happen hints at a market that seems to be ok with them being shady.

Coins being 51% attacked should make their price go down as well, but it doesn't happen because of how retarded the people here are.

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The market looks quite bullish, but I highly doubt that we'll see the price top $10,000 this year. $20,000 is out of the question. Price up = people thinking it will go up higher. Price down = people thinking it will go down lower. It's just the usual sentiment riding we see all these individuals participate in.

Before we broke the $6000 level people didn't believe the bear market cycle would rhyme with the one of 2014/2015, and now suddenly they act like they predicted the 2018 capitulation selloff.