Bitcoin, the widely used cryptocurrency, has seen a great swing in its prices in the last week of October. Friday, Oct 25th, Bitcoin price had reached the $10k mark with an upsurge of around 40%. The Bitcoin price chart was in the green region for almost the next 2 days.
At present, Bitcoin is trading at $9,268.92 with a 1.22% increase and support levels at $9171 and $9158 further down. The 24hr volume as per coinmarketcap is $23,467,557,321 with the circulating supply amounting to 18,025,175 BTC. As usual, Bitcoin is the top-ranked crypto in the coinmarketcap data.
After a low and disappointing third quarter, BTC is once again seeking indications it may break out of the downtrend. Analysts claim that Bitcoin price may see 6% rally even though the Coinmarketcap graph was slightly bearish a day prior.
Reason Behind Bitcoin Price Swing:
One of the main reasons contributing to the Bitcoin price surge is “The Xi Effect”. China president Xi Jinping announced China’s step towards Blockchain Adoption. Although Bitcoin was trading around $6k, this announcement surged the price to $9k within few hours.
However, Bitcoin price was 2% down on Oct 31, 2019. Another flash crash had occurred for bitcoin (BTC) on the Coinbase Pro and Deribit exchanges.Deribit saw futures prices drop to $7,720. It further resulted in higher liquidations on Bitmex. Coinbase Pro users ‘ stop-loss orders were “deleted”. All – in – all, the price started having a bearish trend.
With all these swings in BTC price, analysts are still hoping for a BTC bull run.
Crypto Trader HornHairs tweeted that Bitcoin price may reach $14,000 before $7,000. He further said that Bitcoin has broken it’s 1 month bear trend and is leaning towards Bull market.
Binance CEO, Changpeng Zhao, has made a bold prediction. This time, Crypto market will see Bitcoin hit $16,000 soon.
For now, BTC fails to rally based on expectations. BTC is certainly seen breaking out before the halving of the reward. However, BTC price prediction at this moment is quite risky.