Bitcoin Price Analysis: What Has Triggered 30% Surge?

[Prateek_sharma]

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?

[franky1]

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"

[Herbert2020]

you shouldn't be trying to analyze why price came back to where it was supposed to be, instead you should have tried analyzing why price went down below the price it was supposed to be at in first place. which means you are a couple of days too late since the unexpected drop happened already and the expected come back of it is currently happening without needing any kind of "analysis"!

[Text]

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.

[Palider]

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.

[lobat999]

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 now its falling! But I hope it will settle down maybe at $8.5k level. This looks like market correction is on the way but who knows, speculators gonna speculate big time!.

Maybe we need another major stimulus like the announcement from Chinese President Xi Jinping himself - again please!;D

[TravelMug]

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 now its falling! But I hope it will settle down maybe at $8.5k level. This looks like market correction is on the way but who knows, speculators gonna speculate big time!.

Maybe we need another major stimulus like the announcement from Chinese President Xi Jinping himself - again please!;D

I guess $8k-$8500 will be the normal price, support along that price is huge, that's why I was surprised to see the price goes to $7400. But it seems the market will normalise again and will be trading sideways until another break out run.

Don't like this sort of "stimulus" though, it looks like artificial rise, what we need is people demanding more BTC because of the fundamentals behind and not the any news that triggers the price increase, just saying.

[sunsilk]

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

[Oasisman]

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.

[sunsilk]

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.

[XCANA]

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.

[ChrisPop]

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.

[error08]

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...

[Prateek_sharma]

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!!!

[Willitivity]

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.

[Tipstar]

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.

[bassbity]

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.

[Oasisman]

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.

[qiman]

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.

[Kyraishi]

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.