The Bitcoin price has gone against all recent bearish predictions by surging over 30 percent overnight and skyrocketing by around $2,000. The Crypto Twitter is heatedly discussing this event.
A crypto analyst from Amsterdam has tweeted that this is good news indeed - now, as per him, Bitcoin charts show that BTC is above all vital indicators and that the recovery of the 2017 all-time-high is realistic before the halving occurs next year.
$17,000 - $20,000 per BTC is ‘realistic’ before May 2020
The crypto analyst and trader @CryptoMichNL has tweeted that currently Bitcoin price pattern is similar to that of early 2016. He assumes that BTC is now above all the important indicators and so achieving the levels of $17,000-$20,000 before the halving in May 2020 is realistic.
$BTC #BITCOIN— Crypto Michaël (@CryptoMichNL) October 26, 2019
✅ 100-Week MA test completed and held, similar to beginning 2016.
✅ Back above 200-Day MA & EMA, important indicators.
✅ Holding trendline as well.
2016 period and now are still comparable in which targeting $17,000-20,000 prior to halving is realistic. pic.twitter.com/TPrQwJFxBX
The BitMEX CEO celebrates the BTC surge
Arthur Hayes, the head of BitMEX, has tweeted that he is going to celebrate the recent Bitcoin price rise.
#Bitcoin up thirty fucking percent. I’m going to have fun at the clerb tonight.— Arthur Hayes (@CryptoHayes) October 26, 2019
The TechCrunch founder, Michael Arrington, also commented on the price increase.
A whole bunch of BTC trading models and theories just got thrown out.— Michael Arrington (@arrington) October 26, 2019
Some in the community believe the Bitcoin rate increase is down to yesterday’s statement of China’s President Xi Jinping about China officially embracing blockchain in the near future.
What are your thoughts on the further Bitcoin price movement? Feel free to share them in the comments section below!