Bitcoin, the cryptocurrency boasting the highest global market capitalization, has experienced an unexpected and significant surge, surpassing the crucial $30,000 threshold for the first time since April 19. This remarkable upswing has managed to captivate the attention of the esteemed trader, John Bollinger, who graciously shared his astute insights regarding Bitcoin’s current momentum.
In his commentary, Bollinger observed, “The first pattern failed, but the second one didn’t.” This noteworthy assessment hints at the possibility of Bitcoin’s continued upward movement, emphasizing the potential for the cryptocurrency to sustain its positive trajectory.
Dave the Wave contributed to the ongoing discussion surrounding the volatility of the stock. In a tweet, he provided a comprehensive analysis of Bitcoin’s monthly moving average convergence divergence (MACD), highlighting a bullish recross that hadn’t occurred in almost two years.
Despite the complexity of these patterns, Dave the Wave’s research agrees with Bollinger’s forecast, pointing to the possibility of more cryptocurrency rise.
Institutional Interest And Expert Analyses On Bitcoin
Significant developments have been observed within the realm of cryptocurrency investments. Notably, industry giants BlackRock and Invesco have taken steps toward Bitcoin adoption by filing exchange-traded fund (ETF) applications.
Of particular interest is BlackRock’s recent filing, which could potentially pave the way for the first-ever spot Bitcoin ETF in the United States.
The convergence of optimistic analyses from respected market experts like Bollinger and Dave the Wave, alongside the increasing institutional interest in Bitcoin ETFs, paints a promising picture for the future of Bitcoin.
The unfolding events in the forthcoming months will shed light on whether these indicators will lead to a sustained bullish trend for cryptocurrency.
BTC’s Unusual Price Movement
Yesterday, Bitcoin experienced a momentary surge, reaching as high as $138,000 on the BTC/Tether trading pair, according to data from Binance.US, a prominent cryptocurrency exchange.
BTC falls to $29,800 | Source: Binance TradingView
At 6:50 a.m. UTC, prices abruptly skyrocketed to those extraordinary levels but swiftly reverted to align with the prevailing rates observed on other BTC spot markets.
Interestingly, the surge was limited to the BTC/Tether pair, while other BTC trading pairs remained unaffected and traded normally.
It is highly improbable that the anomalous price spike was driven by a deliberate intention from a trader to purchase Bitcoin at an exorbitant premium of nearly 450%.
Presently, Bitcoin is trading at just north of $29,000 during the European morning hours on Wednesday.
Featured image from iStock, charts from TradingView.com