In yesterday's trading session the price of the digital currency jumped with as much as 17%, or 725 dollars, which is the biggest movement of the price in a single day since mid-November of last year.
Financial analysts attempted to attribute the surprising price swing to multiple factors, some even going as far as claiming that it was initiated as an April fool’s joke. Despite the numerous rumours, however, the apparent lack of any solid evidence has caused investors to wonder whether this could be another beginning of a bullish trend for the cryptocurrency and some have even started wondering what price peaks could be reached next.
What is known with certainty at this point is that the price spike was initiated at 4.30 UTC yesterday, which means that it was likely triggered by liquidity from the Asian markets. The biggest developments took less than an hour because after 5.30 the volatility was somewhat reduced.
At this point, it is difficult to say anything with certainty and therefore the price hike can be attributed to many different causes, so in either case, it is too soon for any grand conclusions and projections of the Bitcoin surpassing 20 000 USD and more.
The next following days will be instrumental for any attempts at making reasonable estimations because based on previous experience the Bitcoin's bullish trends are characterized by their suddenness and rampant price appreciation. Conversely, if the next few days fail to follow-through with yesterday's volatility spike, it would become increasingly challenging to suspect any significant future hikes.
Because the Bitcoin is still considered to be the benchmark in cryptocurrency trading, the increased volatility was transferred into other cryptos with a smaller market recap, such as Ethereum, Ripple, Dashcoin and others, mirroring the underlying move in the Bitcoin.
BTCUSD 1H Chart. Image source: Trendsharks ©, created with TradingView.com
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