Bitcoin, the cryptocurrency with the highest value in the global market, witnessed an unexpected and large boom, as it crossed the $30,000 threshold for the first time since April 19. This remarkable rally managed to catch the attention of respected trader, John Bollinger, who kindly shared with us his astute insight regarding Bitcoin’s current momentum.
In his commentary, Bollinger noted, “The first style failed, but the second style did not. This noteworthy assessment hints at the potential for Bitcoin’s bullish continuation, highlighting the potential for the cryptocurrency to continue its positive trajectory.
Dave Wave contributed to the ongoing discussion about stock volatility. in tweetHe provided a comprehensive analysis of Bitcoin’s Monthly Moving Average Convergence Convergence (MACD), highlighting a bullish bounce that has not occurred in nearly two years.
Despite the complexity of these patterns, Dave the Wave’s research agrees with Bollinger’s predictions, pointing to the potential for a rally in the cryptocurrency.
Institutional interest and expert analysis on bitcoin
Significant developments have been observed in the field of cryptocurrency investments. Notably, industry giants BlackRock and Invesco have taken steps toward Bitcoin adoption by introducing exchange-traded fund (ETF) applications.
Of particular interest is BlackRock’s recent filing, which could pave the way for the first ever Bitcoin ETF in the US.
The convergence of optimistic analyzes from respected market experts such as Bollinger and Dave the Wave, along with the growing institutional interest in Bitcoin ETFs, paints a promising picture for the future of Bitcoin.
The events taking place in the coming months will shed light on whether these indicators will lead to a continued bullish trend for the cryptocurrency.
Unusual price movement of Bitcoin
Yesterday, Bitcoin saw a temporary rally, reaching $138,000 on the BTC/Tether trading pair, according to data from Binance.US, a prominent cryptocurrency trading platform.
BTC falls to $29,800 | Source: Binance TradingView
At 6:50 am UTC, prices suddenly spiked to those extraordinary levels but soon came back in line with prevailing prices observed in other spot bitcoin markets.
Interestingly, the rally was limited to the BTC/Tether pair, while other BTC trading pairs remained unaffected and traded normally.
It is highly unlikely that the anomalous price rally was driven by a deliberate intention of a trader to buy Bitcoin at an exorbitant premium of approximately 450%.
Right now, Bitcoin is trading just north of $29,000 during the European morning hours on Wednesday.
Featured image from iStock, charts from TradingView.com