There is no denial in the fact that the uncertainty of the fluctuations in Bitcoin has always been tremendously hard to understand. Any such massive fluctuations cause enormous attention worldwide where different traders appear with different point of views.
However, a similar incident took place the last day that grabbed enormous attention worldwide. This took place around 05:00 BTC when the $4200 boundary was broken past by Bitcoin which was almost still since a week. There was a rapid increment in the price and by 6:30 BST it was over $4,800 which simply symbolizes that there has been almost $10bn increase in the market capitalization.
HOW DID THE WORLD REACT TO IT?
On an average, almost a majority of the traders perceived it as a natural rise and accepted it as a positivity, whereas some of them even thought of it as an April Fool prank that couldn’t be trusted.
Speaking in particular, the CEO of Bitspark, George Harrap, firmly believes in the fact that “this is nothing but a Natural Move”. He completely out stated every comment that said this was a mere prank and had no potentiality and denied it.
However, some of them still believe that this sudden uplift in the price is because of the prank published by Finance Magnates, which said that the SEC has already approved Bitcoin ETFs.
As far as the facts are concerned, we can’t really blame the prank announcement for this change because if we observe closely, the market showed an uplift after 16 hours since the FM published their story.
DOES THIS SYMBOLIZE A LONG TERM TREND?
One cannot deny the fact that this sudden move will undoubtedly instigate additional buys whereas according to Thomas, the majority of the bullish traders are already predicting BTC at $5,500 in the coming week.
Moreover, George Harrap mentioned this might not be a long-trade since, as he believes, this move was fueled by Asian investors, a fluctuating entity on which it’s nearly impossible to trade for the investors.