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.
Recently, the price of bitcoin move down the floor, ranging $5900 to $6300 only. And as of now, the price jumps instantly into $6800. I have heard in the CEO of one of the project I joined that the reason behind this pump is there is a guy who bought 1250 Bitcoins. Well, I don't how true it is but I believe that there is a great demand last day that caused for the bitcoin to jump. This pump may dictate a bull run market.