Historical Price Rise for Bitcoin: Anonymous 4Chan Wizard Make A Fool Of Peter Schiff
In a dramatic price increase of around $ 50 billion in market value, Bitcoin plunged from under $ 7500 USD to a high card exceeding $ 10,000 in less than 24 hours on October 25.
Since then, BTC prices have remained relatively strong, pushing back to $ 9500 after flirting with $ 9,000.
(CoinGecko)
Numerous stories and answers have since appeared up.
The wave was among the largest one-day rises in Bitcoin history, over 40% at one point, before settling in the lower $ 9K range.
Nic Carter co-founder of CoinMetrics noted on Twitter that if the price was closed above the $ 10,000 mark, it would have made for the third highest one-time return in Bitcoin's history, surpassed only on two occasions early in Bitcoin its rise to popularity.
These two previous increases saw Bitcoin rise in price by 54% and 48% over the course of 24 hours, but they also happened when the price of a bitcoin was at a significantly lower valuation.
Yassine Elmandjra tweeted that the previous two times Bitcoin experienced such positive price fluctuations, it only traded at $ 0.40 in 2010, and $ 5.65 in 2011.
[19659020] Many on Twitter took the opportunity to take a few cracking down on the always Bitcoin bearish gold bug Peter Schiff who theorized on October 23 that the BTC was due to a severe fall.
Schiff proposed the recent "head-and-shoulder" formation which confirmed a bargain move toward $ 6K, pointing to a likely fall toward a catastrophic $ 1K. In fact, Schiff's predictions are so often the opposite of what's actually happening, the SEC might look for his Bitcoin trades …
Not only has #Bitcoin broken out of its bear flag pattern, projecting a move to $ 6K, but the head and shoulders pattern that I mentioned was formation over the weekend has now also been confirmed. If this pattern completes, it projects a much larger decline, perhaps as low as $ 1K!
– Peter Schiff (@PeterSchiff) October 23, 2019
Even CIA agent turn-whistleblower Edward Snowden joined the fun and posted a picture referring to the famous 4Chan wizard which correctly predicted previous BTC price tags.
Admittedly, the bold predictions stated April's $ 5,300 and the even bolder $ 9,200 July prize – both gutsy calls considering the market sentiment at the time were extremely bearish during a brutal crypto winter.
Of course, this only gives the market a few days for a $ 16,000 run, according to this person, leaving one to wonder about the nearest opportunities.
While many theorized that the price movement was associated with excitement because of Chinese presidential declarations of a big push in blockchain research and investment, the reality is probably far simpler.
With potential profits from exploited action through markets such as BitMEX, traders were stopped or liquidated into powerful action that caused a severe short press . A holiday volume to 1183 contracts in physically settled BTC futures at Bakkt would further add to the greedy sentiment.
This followed exactly the opposite pattern last week, when the cover for a long time squeeze was provided by Libra's Congressional hearing. Volatility is what draws traders to Bitcoin: and what do lawmakers worry about manipulating it.
Where To Now?
Market sentiment and volume have been relatively uncertain, according to data provided by TheTIE.io. Still, the volume of BTC trading at the highest observed levels in more than a year – around $ 45 billion in 24 hours – matches the previous high mark that hit the same volume in July, when BTC sold for $ 13,000.
Prices hover in the highly unpredictable area, with room for considerable movement in both directions. With yet another volume crunch on Bakkt, coupled with a bit of excitement in leveraged BitMEX trades and some self-fulfilling 4Chan Wizard prophecies trading, $ 16,000 may just be within reach for October.
Unfortunately, maybe $ 6K. Here's how to trade Bitcoin. We didn't want it any other way.
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