Bitcoin (BTC) is having its best day of 2019 thus far, after soaring over 15% to as high as $4,800. The latest move puts the flagship cryptocurrency in positive territory for 2019, after starting off the year around $3,750. In fact, the latest Bitcoin prices are the highest since November 2018.
According to early reports, an anonymous buyer placed a $100 million algorithmic order to buy Bitcoin across Coinbase, Bitstamp and Kraken. The mysterious buyer placed the order in increments of 7,000 BTC, which appears to have helped trigger volume and trading activity across the cryptocurrency market as a whole.
Other major cryptocurrencies are also trading higher: Ethereum (ETH) up 9.41%, Ripple (XRP) up 7.90%, Litecoin (LTC) up 15.20%, Cardano (ADA) up 13.58%, NEM (XEM) up 16.73%, Nano (NANO) up 25%, etc.
eToro Analyst: Rally Appears To Be Based Off Technical Analysis
Despite the large moves in the cryptocurrency market, there was no major fundamental news that could have triggered the activity. Some analysts are saying that the activity appears to be based on technical analysis and the fact that Bitcoin crossed the key level of $4,200.
“The rally seems to be purely technical in nature as BTC crossed a key level of $4,200 and there wasn’t any notable news that came out during this time,” stated eToro analyst Mati Greenspan.
The moves seen in the crypto markets today are the “largest single-day gain for Bitcoin since April 2018,” according to Benzinga. However, Bitcoin prices are still a far-cry away from its all-time high of $20,000 back in December 2017.
Extreme Bitcoin Predictions Making a Comeback
Back in 2017 and even early 2018, it was not uncommon to hear some of more well-known crypto investors come out with major predictions that usually involved Bitcoin prices reaching five-to-six figures sometime in the 2020s.
Tom Lee of Fundstrat Global Advisors is widely considered to be a “BTC Permabull,” who originally predicted Bitcoin prices to hit $25,000 by the end of 2018, just recently spoke with CNBC stating his belief that cryptocurrency market could be on verge of regaining the bull status.
Other notable predictions include John McAfee’s now famous $1 million Bitcoin price estimate, which he believes will be achieved by 2020, or he will “eat his own dick.” Just at the end of March 2019, Mr. McAfee reaffirmed his prediction by stating, it is “impossible for me to lose bet,” according to Chepicap.com.
However, one of the most interesting (and highest) predictions made for Bitcoin’s outlook was by venture capitalist, Tim Draper. Just recently, Draper hinted that Bitcoin prices could eventually hit $4 million. In an interview with TheBitcoinOfCryptoStreet, Draper stated:
“Here’s the way I look at it. There is about $100 trillion worth of fiat currency out there. Fiat currency is poor currency. It’s tied to political whims. It’s tied to political parties. Bureaucrats control it. It’s not really that good for you, and all of the new best, brightest engineers are working on cryptocurrencies. And so my belief is that over some period of time.”