As the world’s flagship cryptocurrency Bitcoin has skyrocketed by over 11% within the last 24 hours, topping the $57,000 level briefly, BTC proponent and early adopter Max Keiser has tweeted that this could be the start of a “God Candle” that will propel Bitcoin to $100,000.
Bitcoin price skyrockets to $57,000
Over the last 24 hours, Bitcoin soared from $51,071 to the peak of $57,076. Bitcoin did not fix there, though, but went down a little and is exchanging hands at $56,315 at the time of this writing. The pullback from the $57,000 peak was 1.39%, with overall growth since Monday now constituting 10.24%.
This is the closest Bitcoin has come to the first historic peak reached in 2021, when Bitcoin first surged to $61,200 in March, and in November it went up to almost $69,000, registering a new all-time high. At the moment, Bitcoin is trading at 18.25% below the historic peak. Its market capitalization value has been propelled to $1,106,160,208,247 (up 10% for the past 24 hours), and Bitcoin’s trading volume has surged to $48,980,268,570 (up 234.77%).
MicroStrategy initiates another BTC purchase
Santiment on-chain data vendor published a report about the aforementioned sudden Bitcoin increase. The report states that once Bitcoin soared past $55,000, it already reached a 27-month high; a similar price was last seen on Dec. 3, 2021.
The Santiment team is positive that the above-mentioned 10% Bitcoin price surge was stimulated by yesterday’s purchase made by MicroStrategy business intelligence giant led by Michael Saylor. The company purchased approximately 3,000 BTC, paying roughly $155 million for that cryptocurrency lump. The purchase was conducted at the $54,900 price level. The report points out that, by a curious coincidence, the leading index of the U.S. equities market, the S&P 500, showed a decline of 0.5%. This may be a sign that crypto is getting away from its reliance on the equities market.
Major correction expected after halving
Prominent cryptocurrency analyst Michael van de Poppe tweeted yesterday that he expects the current Bitcoin rally to peak at $54,000-$58,000, which seems to be happening right now.
However, once the much-anticipated Bitcoin halvening takes place in April, Poppe expects to see a major correction, which will take Bitcoin to the $40,000-$42,000 levels.