Analyst: Ongoing Bitcoin Rally Powered by a handful of strategic buyers; Where should they send BTC next?
During the weekend, the cryptic markets experienced a massive influx of buying pressures that prolonged the upward rally they have incurred in recent weeks, while Bitcoin set fresh annual heights of $ 7,800 up significantly from the 2019 decline of $ 3,400 as was set in February.
Although there is always something unclear about what, or who drives these collections, a prominent economist and analyst believes that a small handful of big buyers who are actively engaged in strategic purchases have driven this increase.
Bitcoins rise to year-to-date heights not driven by retail investors
At the time of writing, Bitcoin trades up over 11% to today's $ 7,750 price, up from daily $ 6,800 downturn that Bitcoin's journey to its newly created annual heights only began in April when Bitcoin rapidly increased from the lower $ 4,000 region to the $ 5,000 region, and then it was traded sideways before f
This massive wave has led many analysts to conclude that The bear market has officially ended, which probably means that further gains are imminent and that the entire crypt market is currently in the early stages of the next bull trend.
Alex Krüger, a popular economist who primarily focuses on crypto inverters, talked about who could drive this parabolic ascent into a recent tweet, boldly stating that it is not run by retail investors.
"What drove $ BTC up this week? A handful of big players, who started buying in waves. Systematic purchases. Promises to reach that conclusion can be found in volume, price action, financing, and futures basis and term structure. Can be expanded on this later. Not retail driven, "he explained.
What drove $ BTC up this week?
A handful of big players who started buying in waves. Systematic purchase.
Promises to reach that conclusion can be found in volume, price action, financing, and futures basis and term structure.
̵[ads1]1; Alex Krüger (@krugermacro) May 12, 2019
Coordinated purchases and institutional news can drive BTC's price upwards
Krüger further developed on the above tweet, speculating on which factors can contribute to the upswing and note An influx of bourgeoning institutional venues and concerted purchases as two possible factors.
"What motivated these buyers? Opportunities: – Front-running Fidelity / Baked / Ameritrade / Etrade flows – Front-running news – Coordinated purchase – Something else (as always) – Combination of everything above," he said.
What motivated these buyers? Opportunities:
– Front-running Fidelity / Baked / Ameritrade / Etrade floats
– Front-running news
– Coordinated purchase
– Something else (as always)
– Combination of all over– Alex Krüger (@krugermacro) May 12, 2019
As reported by NewsBTC, news broke earlier today about the impending launch of the long-awaited ICE-supported crypto plan, called Bakkt, which Many are expected to lead to an influx of new capital into Bitcoin and the crypto markets, which can help flame the flames that support the ongoing rally.
When the week enters into equipment and more news breaches about it imminent launch of i Institutional platforms, including those offered by Bakkt and Fidelity, are likely to make the long-term significance of this rally clearer.
Featured image from Shutterstock.
