After Bitcoin broke through USD 5,000 last week, most believe that the crypto marketplace might be from its winter forests: investors are increasing their holdings, Chinese are buying bitcoin at premium, and also a well known trading veteran predictions bitcoin at USD 50,000 within the next couple of decades.
The creator of the site Factor Research and Trading Peter Brandt, who correctly predicted the keep market of 2018, today draws parallels between 2 previous rallies.
“What’s happened from December of 2017 to 2018 is really an analog to what happened in the 2013 to 2015 bear market, where we saw sequential 10 up-and-down moves in the bear market and we’ve almost identically formed that same sort of pattern,” Brandt advised news socket Yahoo Finance, after adding,”I think the analogs are holding unusually well and according to these analog studies, I think cryptos today will return into a parabolic bull market.”
Either from Dec '18 non or by retest exactly the same (circa analog dbl underside in 2015) it wouldn’t surprise me if $BTC moves a new parabolic stage. $btcusd pic.twitter.com/XV89Qz7P4n
— Peter Brandt (@PeterLBrandt) April 5, 2019
“The only question I have is perform we rally here a few and then sometime in summer months test the overdue 2018 lows or maybe not? There is a possibility that it will, there’s a possibility it does not,” Brandt added.
Watch the complete interview with Peter Brandt:
Meanwhile, creator of the crypto hedge fund Ikigai Travis Kling tweeted regarding the way they shipped out a monthly update on April 1st just hours earlier the pump, even in which they mull the impact of reflexivity on crypto. “Reflexivity is the theory that a two-way feedback loop exists in which investors’ perceptions affect the market environment, which in turn changes investors perceptions.” Due to bullish information from the beginning of this season, they composed, “risky whales may be throwing that bucket as we speak,” reversing the downward tendency.
Also, Tom Lee, managing spouse at Fundstrat Global Advisors, advised news socket Bloomberg,”An instrument that may return to its 200-day [trading average] and maintain it is currently back in a bull trend. So I think sentiment must change, since Bitcoin is currently in a bull market.”
Moreover, retail investors in China are also becoming more active in the crypto marketplace.
“China is awakening again and again buying at 5-10% premiums the previous couple of days,” Su Zhu, CEO of finance supervisor Three Arrows Capital, tweeted, additionally sharing insights from @cnLedger, a Twitter account following cryptocurrency and blockchain in China. It claims that”We are witnessing a resurgence in Chinese requirement for cryptocurrencies. This fad in the making comes after over a year of relative quiet, a reminder of the time when Chinese volumes were king.”
2/ Why the USDT premium going up? After the PBoC ICO/exchange prohibit, the most convenient method to purchase cryptos in China, is to purchase steady coins like USDT first using OTC, then exchange it into some other cryptos you need in markets.
— cnLedger (@cnLedger) April 8, 2019
Meanwhile, in South Korea, it appears that the famous Kimchi Premium was substituted by the ‘Korean Bonus’.
Money circulation in the past 24 hours
Source: Coinlib, 10:22 UTC