Quote from: logan16j on July 08, 2018, 04:07:17 PM

Quote from: Bigbay on July 08, 2018, 12:19:35 PM

Bitcoin price abruptly jumped over $6800 (Bitfinex) during trading on Saturday, representing another attempt to break above $7,000 during the ongoing bear cycle.

There are a number of factors that could have contributed to this sudden jump. Bitcoin, and cryptocurrencies more generally, have seen a positive increase this past week.

To me I think what would have caused the price spike is the so-called crypto whales choosing this moment to place large buy orders For Bitcoin. Since the supply of Bitcoin is finite (21,000,000 total theoretical supply of Bitcoin, with only 17,137,187 currently circulating), it stands to reason that large buy or share orders can impact the price significantly.

Kindly share your view on the sudden increase.

You can see that at this point we can trade altcoin very well, according to my analysis, the bitcoin price will be able to recover to the $ 7000 -7200 mark in the coming days. These are very positive signals for the crypto market, but at this point I think you should still only short-term investment because bitcoin prices will probably continue to fall as the market is still in the downtrend phase.

According to you analysis? hehehe...

I think a lot will jump infront of a running freight train if they followed your analysis. Grin