- Experts in the market are attempting to demystify the recent surge in Bitcoin price.
- Arthur Hayes reckons that “the bull market is real.”
- The volatility of Bitcoin continues to have a huge impact on the entire crypto market.
Bitcoin price performance last week was like Usain Bolt on steroids, only this time he was running on a broke on a rollercoaster. Bitcoin surged massively breaking above $8,000 and brushed shoulders with $8,400 on most cryptocurrency exchanges. The price took a huge hit shortly after testing the region close to $6,500. The price did not, however, stay down for long as it recovered stepping above $8,000 once again. Presently, there has been a correction to the downside with BTC/USD dancing at $7,864.
Various experts in the market are attempting to demystify the recent surge in Bitcoin with some likening it to the pre-surge rally of 2017. Most analysts believe that Bitcoin already found a bottom and this surge marks the beginning of a bull rally.
The CEO BitMEX, the renowned BTC margin trading platform, Arthur Hayes reckons that “the bull market is real.” He feels that way because Bitcoin managed to reverse the trend almost immediately following a devastating plunge in the last few days. Hayes wrote on Twitter:
“The bull market is real. A momentary dip below 7k, and a few days later we are back above 8k and the Sep and Dec contracts are in contango. Booyah!”
Another top industry’s analyst Tom Lee of Fundstrat shares almost the same sentiments about Bitcoin as Arthur Hayes. Lee says that BTC/USD return to $8,000 level serves as the confirmation to the end of the elongated crypto winter.
“After a disturbing pullback to $6200, Bitcoin back >$8,000 further cementing positive trend intact…”
The volatility of Bitcoin continues to have a huge impact on the entire crypto market. Besides, BTC market dominance index is firm above 57% following a 60% hike in just a week. The roller coaster movement in Bitcoin also affected other assets as well in almost equal measures.
BTC/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?