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Bitcoin [BTC] gains $1000 in less than an hour – Back with a Bang? – Sentiment Analysis – April 12

Vinod KA

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Bitcoin [BTC] gains $1000 in less than an hour - Back with a Bang? - Sentiment Analysis - April 12
Source: Wikimedia

A major bullish trend has set in the market and almost all the coins are gaining momentum. The signals look green and the market seems to be ready for a major gain. The total market capital is also on the move as it has had a gain of $2 billion at 10:53 AM UTC from yesterday’s close at $270 billion. The bulls are apparently running the market. This has widened the range and scope of cryptocurrencies and its world is reaching newer heights day by day as more people and countries are involving themselves by being a part of the cryptocurrency universe.

The sentiment analysis segment is created by taking into consideration numerous sentiments and opinions from experts all around the world. This segment analyses the current market trends of the major cryptocurrencies and gives you a wholesome picture of the coins. A group of investors, miners, skeptics, influencers, were interviewed and the latest sentiments and opinions are included in this segment in a concise manner. This analysis will be on the cryptocurrency giant, Bitcoin [BTC].

Bitcoin [BTC]

Bitcoin broke the $7000 level and a bullish trend has kicked in. With a gain of 9.64% in the last 24 hours, the coin has a huge upside momentum. At 11:26 AM UTC, Bitcoin was priced at $7461.69 with a market capital of $ 127.55 billion. A major bullish trend kicked in at 11:05 AM UTC where the coin hiked from $6970.8 to $7683 within a matter of 23 minutes and the trend was still going on. The price went on a linear move and then another hike kicked in which took it up and above $8000. This hike of $493 happened within a matter of 8 minutes. At 11:43 AM UTC, the price of bitcoin was at $7,737.12. There was a total bullish breakout where the coin gained $1109. The coin peaked at $8080.5 before coming down a little.

Frank Bell, an altcoin expert from New York says:

“Bitcoin did not break the horizontal support level at $6510. It also broke the 20 and 50 moving averages and as a result the price of Bitcoin hiked over $1000 and crossed the $8000 mark. There is a buying pressure for the coin right now on major exchanges and the community feels that the coin will maintain this price range if not go further up.”

Jacob Wright, a Bitcoin investor from Oklahoma says:



“The price may fall down temporarily but another hike like this is expected on the 15th of April which will be taken it to $7737 again. This hike will not be of a dramatic kind as it will be slower than what we saw today. There was a chance of an upside break and a downside fall. But the coin broke its resistance level which was strong and hiked.”

David Meyer, a journalist from Dallas says:

“This is a tremendous, one of a kind bullish breakout which was exhibited by the coin in the last 2 hours. Reports say that Bitcoin is currently attracting a lot of investors and if this is maintained, the prices will go up further and we might see Bitcoin even breaking $10000.”

To conclude, 77% of Bitcoin respondents feel that the blocks ahead for the coin are cleared and the FUD that was spread earlier about the coin losing its importance and place is now invalid. A minor 33% of the Bitcoin respondents feel that the hike in the price will not sustain and the coin will not progress further in the short term. However, almost all of the Bitcoin respondents have a unanimous opinion that the coin will retain its spot at number one.





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Vinod KA is an intern at AMBCrypto who has been analyzing the cryptocurrency market trends for several months now. He joined the company out of sheer interest in the cryptocurrency world and is fascinated by its dominance in the financial world. He does not hold value in any cryptocurrencies as of now.

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Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

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'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





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