Tuesday saw a massive spike in the Bitcoin price after trading within a comfortable range of $6150-$6750 the past week. It evidently crossed $7000 in five minutes and even $7500 in some places. Presently, the price is at $8183.01, up by 6.03%. A month ago, it had hit the low bearish mark at $5800.
Befuddling observers, the spike has led them to look for a suitable trigger for the bull-run. However, one can’t find any relevant cause that might have triggered it. Earlier, release of Tether tokens had sparked a rise, but this time, nothing like that can be offered as explanation. Many commentators had been expecting a spike of this kind.
As a trader who goes by the name Filbfilb pointed out a while before the rise, we are seeing a classic inverse head and shoulders pattern within a smaller time frame. It appears that many believe the momentum sparked by regulators giving the go-ahead to Bitcoin ETF was the trigger for this. According to Filbfilb, the Bitcoin marketplace in recent times closely resembled the period before the 2017 bull-run. 2017 had seen the market peak at $20000 and the trader spotted a similar trend this month. He also remarked in his analysis that it is ironical to note how Bitcoin Futures are adversely affecting the market now but are also helping the regulatory authorities’ acceptance of ETF. He had predicted that the short position unwinding combined with an actual craze to speculate could lead the market to a bull run.
It appears that a string of good news in the crypto scene has powered the bull-run and if the bullish tendencies can lead to greater market adoption, we might have a strong chance of seeing the market reach greater heights.