Bitcoin Surged 24% in a Day!
According to Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration (a state-funded institution), he claimed Russians bought 1.8 million Bitcoins, worth a cool $8.6 Billion.
The reason, he explained, is political, as Russians feared the sanctions being/to be imposed on Russia may cripple their economy and devalue the Russian Ruble.
It is also no secret that Russia has been stocking up on physical gold, as they attempt to reduce their association to the US dollar.
Vladislav further added that he could see bitcoin at $2 million by end 2019. Really?! Say what?! How do we take him seriously after this?
Whether yesterday's bitcoin price surge was due to Russia, there is no denying that bitcoin has been THE hot topic for the past 2 years.
From a fundamental perspective, the stride made in the crypto industry has been leaps and bounds. From payment rails, to energy trading, to supply chain, etc.. From a technical aspect, many cryptocurrencies have been languishing at their 52 week low for months.
Given that regulators, financial institutions, speculators and investors have all been on the tail of Bitcoin, it comes as no surprise that a surge of more than 24% like yesterday's was long overdue.
What's next for bitcoin price? From the chart below, it is clear there is a short term ceiling at USD 6,000-6,200. Short sellers, profit takers, and/or those who were caught long previously may be waiting at these prices.
However, you can already sense a wave of euphoria among crypto enthusiasts, who have been calling the bottom for some time, crying the Bulls are back.
Find the articles here, here, and here.
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