Bitcoin has shown an unexpected move with 42% in the daily run. The unusual rally on the part of bitcoin has shocked everyone in the crypto community. Today move has been recorded highest and the same situation was recorded in 2011. As we know, the digital gold shows volatile moves but there can be some reasons that fueled the upsurge.
With the dawn of September, BTC price has been hovering below $8,000 and it reached even the $7,300 from the past three days. Some crypto analysts were predicting that $6,000 is the next target but as usual, Bitcoin has made unusual movement proving its volatile nature. The volatility of cryptocurrency cannot be discarded anytime and anywhere. Once again, bitcoin performed against the expectations of chart analysts.
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The upsurge of 42% in just a few hours has confirmed the volatile nature of the digital currency. Such type of rally has been observed back in 2011. There might be possible reasons that fueled the sudden increase of digital gold as discussed below one by one.
China’s Interest in Blockchain Technology
Everyone is aware of the fact that China has a big influence in the finance and technology industries. And the change in China’s policies will affect the whole industry. China has shown a great interest in the blockchain technology and related innovations.
Xi Jinping, the Chinese President, has expressed a keen interest in the blockchain technology and urges the respective officials to invest in the industry. The president said, ” the country should be adopting more blockchain, as it’s the way forward for technology innovations and industrial revolutions.” The announcement by such an influential figure must have an impressive scar on the Crypto markets.
12 hours after the major “Xi Pump”
1. “Blockchain” headlined on People’s Daily print version today
2. Top Universities in China start “Blockchain” course offering overnight
3. Expect to see massive blockchain initiatives from local municipal soon
The ripple effect is strong pic.twitter.com/2E2Be6RHol
— Dovey Wan 🗝 🦖 (@DoveyWan) October 26, 2019
The bulls have a significant role in driving the price value of the Bitcoin. It is true that analysts predict upcoming trends based on the indicators and past data but their speculations have a 50% probability. If the bulls are active then no one can prevent the change in the price value.
According to the theory, most bulls show interest in Bitcoin at the weekends. So, the crypto bulls must have an important role in driving the trend line of the digital gold to $10,350 from $7,300.
An anonymous Id has shared the expected moves of the year. It seems that his speculation is going to take practical shape as his first two predictions about the months of April and July come true. The today’s upsurge to $10,350 has given the signal that $16,000 is not so far.