Bitcoin Price Fulfills Two Extreme Predictions in a Single Day; $16,000 to $4,200 And Back
- On Halloween, the Bitcoin price jumped to nearly $16,000 and the same day crashed to $4,500, on different exchanges, as well
This year’s Halloween has been a crazy one for Bitcoin.
While the Birthday Boy celebrated the 11th year of its existence, it had a pretty wild whirlwind romance with the price as well.
As Bitcoin Exchange Guide reported, infamous 4chan who called out Bitcoin’s drop to $3,200 at the bottom in January and further correctly predicted the next two price targets, $5,300 in April and $9,200 in July, had projected $16,000 in October.
While Bitcoin was trading around $9,000 on most of the exchanges, there have been a few exceptions. One such exception made 4chan’s $16k prediction true.
BTSE a multi-currency digital asset exchange and derivatives platform saw BTC price surging to $15,700, just shy of touching the $16k mark. However, it was just for a brief moment and the price has been back to the $9k level.
A UAE-based exchange, BTSE is licensed by the Department of Economic Development, Government of Dubai and under the regulations of the Central Bank of the United Arab Emirates. As per its website, the exchange adheres to the “quality standards set for Investment Strategies, Services and Financial Reporting by the Central Bank UAE.”
Crazy uptick like these doesn’t happen that often in the market but has been seen in the past on different occasions.
Additionally, BTC prices on different exchanges differ due to several reasons. Lack of liquidity, no established common way to price BTC, and because moving money across exchanges can be messy and inefficient, the price of bitcoin can vary.
As such, the same day, crypto bear Tone Vays’ prediction of $4,200 realized as well.
Bitcoin price went down to $4,250 on Coinbase Pro at one point, a prediction made by Tone Vays in May 2019.
At that time, BTC breached $9,000, the first time in over a year during his bull run in Q2 of 2019. However, the crypto researcher was expecting BTC to crash eventually to $4,200.
But yet again, this drop was short-lived just like any other glitches of the same kind.
However, these were not the only glitches on Halloween. Coinbase also went offline that caused BTC price on derivatives platform Deribit to crash to almost $7,600 level. This resulted in costing the company 150 BTC for user loss reimbursement due to “erroneous liquidations.”
$btc traded at $4200 on coinbase, $7600 on deribit and $15700 on some random exchange called BTSE, all in a days work for crypto
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) November 1, 2019
At the time of writing, Bitcoin has been trading at 9,161, with 24 hours loss of 1.34%, as per Coincodex while managing the daily trading volume of $888.3 million according to Bitwise’s Bitcoin trade Volume.