Here’s A Key Reason Why a Huge Surge in Bitcoin (BTC) Price Might be Coming
Bitcoin has turned green yet again after going red yesterday as it fell to roughly $5,375 level. Since then, the leading cryptocurrency has moved upwards as at the time of writing, BTC/USD has been trading at $5,460 with 24-hours gains of just about 0.30 percent.
The daily trading volume of Bitcoin is slowly falling as well as it registers at $14.4 billion, per Coinmarketcap data while recording $440 million according to Messari.io.
Overall, Bitcoin is making a lot of headway price wise as from its yearly low at $3,200 from the last year-end, it has recovered 70 percent. In 2019, so far BTC is up by more than 45 percent that gives the indication that the bears are losing their hold.
After each #bitcoin bear market there's a clear accumulation period.
— moon (@MoonOverlord) April 25, 2019
A recent report by Adamant Capital also analyzed that the leading cryptocurrency is currently in heavy accumulation. But still, the report said the possibility of a drop in BTC price can’t be put off the table.
A slight setback is a likely possibility as a number of analysts are calling out for a pullback as well. However, what remains to be seen is if we will encounter this pullback before we hit $6k and how much of a drop would it be exactly?
Having said that, a dramatic surge in Bitcoin price could be expected as a crypto analyst that goes by Flib Flib, shared a chart of Tether (USDT) market cap versus BTC/USD which shows that recently about $300 million USDT has been minted.
Though it hasn't been exactly proved that controversial USDT drives Bitcoin price, as can be seen in the chart shared by Flib Flib, the movement in USDT supply is mirrored by BTC price. Per this deduction, it can be said a huge pump in Bitcoin might be in order.
$300m new USDT minted.. Probably nothing right?? $btc😈 pic.twitter.com/XwA9kb5ReN
— fil₿fil₿ (@filbfilb) April 24, 2019
In another instance that we just can’t ignore is the bearish Tweet by CNBC that reiterated its earlier interview with Peter Mallouk, certified financial planner and president of wealth management firm Creative Planning who said one or two cryptos will surely work out in the future, but in the meantime if you buy cryptos, “you get no income” being it’s all speculation and not a real investment.
— CNBC (@CNBC) April 25, 2019
Well, if we take a look at the numbers, from 2015’s high of $200, the top cryptocurrency has surged $20,000 in 2017. In 2019 so far only, various altcoins like Binance Coin (BNB), Litecoin, EOS, and others have already surged more than 100 percent.
In the near term, CNBC’s bearishness does call for bullishness as it works as an accurate price indicator if traded in the contrary.
Live Bitcoin (BTC) Price:
1 BTC/USD =$57,195.8089 change ~ 5.89%