At times when the bitcoin rate falls, then for some analysts (read: Peter Schiff) it is dead and ruin. But now that the rate is almost 25% higher than at the end of last week, the opposite is true, analysts applaud bitcoin. Thomas Lee from Fundstrat belongs to the last group.
A relapse is part of it
After that bitcoin rose by more than 40% within a few hours, it was expected that the price would fall. The price never moves sideways in a straight line and certainly not in a straight line up.
After the high point at 9,067 euros, the rate fell again 8,118 euros. The exchange rate is currently around 8,840 euros, or 9,413 US dollars. The rate has attempted three times since the peak to exceed 8,700 euros (9,650 USD), but that worked only sporadically, then the rate fell quickly again because the resistance there was too strong.
The month made good again, the bull market continues
If you zoom out a bit to a time span of a month, you will see that bitcoin is in good shape again after all the losing signals.
Tom Lee of Fundstrat also thinks so. He pointed out that there have been many positive signs in recent days and added that the bull market is continuing as usual.
A lot of ‘signal’ fits few days in crypto and #bitcoin
– China (friendly policy)
– New ATH S&P 500 (positive)
– Bitcoin Misery Index bottomed 10/24 at 36 and rebounding (positive)
– Massive price gain on $ BTC friday (signal)
Interim “risk-off” ended, and bull market resumes.
– Thomas Lee (@fundstrat) October 28, 2019
Although it is not yet entirely clear what and how great the Chinese effect is on bitcoin, the words of President Xi are viewed by investors as positive. Perhaps not necessarily for bitcoin, but for the entire cryptomarket. Major international players are now looking at blockchain and cryptography and that path can only lead to decentralized cryptocurrencys.
It’s the whales, not China
But skeptics are needed to keep us sharp. Peter Schiff says that the price increase for bitcoin has nothing to do with China, or any fundamental news. He throws it on market manipulation by whales. That was the case earlier last week, when at least 400 bitcoins were dumped in a very short time. This is partly made possible by the fact that the cryptomarket is still relatively small in size.
Bitcoin’s recent sharp rally likely had nothing to do with China, or any fundamental factor. It clearly looks like market manipulation by whales looking to sucker in momentum buyers. By pumping up a technically weak market, they are able to dump more #Bitcoin at higher prices.
– Peter Schiff (@PeterSchiff) October 28, 2019
Whatever the reason, in recent days more than $ 50 billion in value has been added to the cryptomarket. And you can’t ignore that.
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