Bitcoin, the top-ranked cryptocurrency in the market today just surged over 40% in the past 24 hours. As a result of this, a lot of analysts and enthusiasts have taken to Twitter to voice their opinion about the latest development.
Among such is ‘Crypto Michael’, a technical analyst and full-time trader from the Amsterdam Stock Exchange. In his opinion, Michael believes a similar pattern as of 2016 is at play, and this could push BTC up to $17K – $20K before the Bitcoin network halving come May 2020.
✅ 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
— Crypto Michaël (@CryptoMichNL) October 26, 2019
Bitcoin Breaks All Technical Assumptions
Bitcoin had been doomed to crash. A lot of analysts have given reasons, based on many years of experience, why bitcoin was meant to slump even further.
Peter Schiff, for one, would be at the forefront of this list. Mr. Schiff expects bitcoin to collapse further, sighting the $2,000 mark as a possible level.
ZyCrypto had also reported about the Redditor, who believed it was unlikely to see a bull run as experienced in 2017 ever again. He further cited that even bitcoin scarcity wouldn’t help.
However, against all the odds, bitcoin pushes back, like it always does, maintaining its position in the market. BTC, within the past 48hrs, to everyone’s amazement gained about $2,000, almost a 45% gain from the $7,500 price region to trade at $9,140 as at the time of reporting.
Bitcoin’s Latest Feat Calls For Celebration
At times like this, a lot of bitcoin enthusiasts remind themselves how powerful bitcoin can be – breaking logical reasoning. Besides Crypto Michael, who believes the market is right back on track for a push towards or above the current ATH of bitcoin, some prominent members of the crypto community think this new feat should be lauded.
Arthur Hayes, Co-Founder & CEO of BitMEX, had tweeted that it was a day of fun for him.
#Bitcoin up thirty fucking percent. I’m going to have fun at the clerb tonight.
— Arthur Hayes (@CryptoHayes) October 26, 2019
What Pumped Bitcoin?
As much as it’s difficult to point out what could have caused the sudden interest of bitcoin in the market, a lot of people believe it could have been influenced by the Chinese President, Xi Jinping’s public declaration about blockchain technology in the country.
Though bitcoin is banned in the country, a lot of people believe this is not only good news for the blockchain, but bitcoin as well.