BTC Wires

Kain Warwick Believes Bitcoin is Following Its 2017 Price Pattern

Kain Warwick, the chief executive at Blueshyft, an Australia-based payment processing service believes the current bullish trend and price rally of Bitcoin is following the same pattern as observed during 2017 price peak. Kain went onto predict that if the patterns are to be believed, the next bull run is not far from taking charge.

Kain said that according to his research the current daily trading volume of Bitcoin is quite similar to the bull run of 2017. In 2017, the price of Bitcoin jumped $5,500 to reach near $20k in just a month’s time. He also said that he is bullish about his predictions since retail marketers are making a come back of sorts to the crypto market.

The April 2 price rally in the crypto space caught many by surprise. Even though most of 2018 was dominated by bearish cutting 80% of the market capitalization, and people were hoping for some green this new year. However, many analysts were expecting the bull run in the latter part of the year.

The reasons for such a high unpredictable rise has been associated with many speculations and theories but nothing certain. Some believe the price trigger was a direct result of an anonymous whale pumping the market with a significant amount of BTC, which subsequently triggered trading bots to execute trades worth hundreds of thousands of dollars creating the price trigger. Another theory credit an April fool’s writeup which said that SEC has approved Bitcoin ETF in an emergency meeting. Some say with a number of hard forks and block reward halvening lined up, was the cause of the double-digit gains for most of the cryptocurrency.

Bitcoin Might Keep Rising

The Blueshyt comprises of 1200 retail stores which accept, cash, card payments on behalf of cryptocurrency exchange. The reason that its CEO is so bullish on his predictions is because of the volume calculations being based on the chain of retail business, and that trading volume is as real as it can get.

The Bitcoin volume gained significant momentum and the same pattern as 2017 after a day of price rise, thus it indicates that people are willing to buy Bitcoin even at a higher session rate and this indicates the bullish sentiment in the space. He also noted that the trading volume of Blueshyft in light of recent price rally has been best since 2017, in the fiat-to-crypto trade.

Warwick said,

“We work with a lot of exchanges, and we’ve seen a pretty steady increase in the volume of deposits over the past two to three months – which, in 2016, was a very very strong leading indicator of the rally we saw in late 2016 all the way through to the end of 2017”