Bitcoin price above $ 7.5K as BitMex set Input $ 10 billion volume [UPDATED]
Bitcoin price has gone parabolic. The last week saw its value go up almost a full 40 percent. But is it now time for a blow-off peak or full FOMO to the moon? Let's take a look.
Bitcoin World's Best Executive Asset in 2019
Bitcoin Price 0 0 has made the naysayers look stupid again. BTC has increased a staggering 40 percent over the past week alone. Moreover, BTC / USD has more than doubled since December-February declines.
Yesterday, it broke $ 7,000 at an impressive volume, the highest side volume since April 1[ads1]. In fact, BitMex has announced that it achieved record volume on May 11, a Saturday anyway.
New record for BitMEX trading volume. Law be volatility and our wonderful traders! pic.twitter.com/iLMGdpz65n
– Arthur Hayes (@CryptoHayes) May 12, 2019
Bitcoin's market value has also added $ 30 billion in value since May began. In comparison, the market rate for each crypto-competition excluding Bitcoin has only increased by $ 10 billion in the same time period. Therefore, the Bitcoins market index is now the highest $ 20K all-time high price since the end of 2017.
In fact, the quiet no-coiners like Nouriel Roubini who danced on Bitcoin's tomb in November are not voting.
Still feel the rain @Nouriel ? pic.twitter.com/5KxtnKQAXN
– Jonathan Hamel (@jhamel) May 11, 2019
Blow-Off or Lift-Off
The parabolic advancement that we are Presently, it was suggested by veteran dealer Peter Brandt in early April. (Brandt also rightly named the $ 20K top last year).
The BTC price is already above the previous 6K levels, from which it doubled to an annual decline in November in November.
This is a very encouraging sign. Especially when the Bitcoin market is now much more mature compared to a few years ago, when basics could not hold onto the price.
Now, with the latest recovery, Brandt looks set to be 50/50 on whether this rally continues to $ 10k and beyond, or whether a top-of-the-line correction is imminent. The latter is when a steep and rapid rise in price and volume is accompanied by an equally steep and rapid decline.
"Blow-off or lift-off" he wrote .
Other commentators like ParabolicTrav have pointed out similarities, as well as remarkable differences, between now and the blow-off peak in 2015,
2015 vs 2019 6H trend. Notice the 6H top light in 2015 to mark the blow. Don't look like we're there yet. pic.twitter.com/x7VHQCu7FT
– ParabolicTrav (@parabolictrav) May 12, 2019
It is also worth noting that today's rally has completely deleted & # 39; Bitfinex prize. In fact, BTC is now trading nearly $ 100 higher on Bitstamp.
Public is still on the policy
At the same time, most of the public remains unaware of the latest increase in the bitcoin price. Google Trends data shows that interest in "Bitcoin" is only beginning to pick up.
The previous 60% increase over the last 3 months was during April 1 the price to $ 5,000.
But as Bitcoinist reported in Last month, people are most interested in Bitcoin or just buy bitcoin after a big price move.
This is precisely why the fund manager is like Tom Lee prefers to & # 39; As it has been shown to be a much more lucrative strategy. In fact, it's the best way not to miss the Bitcoin rocket, as it historically generates most of its annual winnings in just ten days.
Lee also shared a Twitter poll that gives some insight into Possible points with FOMO may be this time.
Hit the $ 10K mark will destroy a great psychological barrier, as many will realize that Bitcoin is not actually dead. Also, many will try to buy back with the $ 20K price still fresh in their minds.
Of over 4,000 participants:
- 44% chose $ 10K,
- 32% chose over $ 20K
- 24% believe FOMO is already underway.
Is the bitcoin price higher, or is it a rejection? Share your thoughts below!
Pictures via Shutterstock, Twitter, Google Trends