Nasdaq surges and Bitcoin traded sideways…Will the cryptocurrency price surge?
On 20th(ET), in the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index traded at 26,680.87, advanced 0.03% compared to the previous trading session. S&P 500 Index ended at 3,251.84, increased 0.84%; the Nasdaq Composite Index recorded 10,767.09, surged 2.51%. Nasdaq clinched record high once again.
For the last 24 hours, Bitcoin traded sideway at the level of USD 9,100. It can rally after forming a strong supporting line at the USD 9,000. But, if it falls to the level of USD 8,000, BTC can face price correction.
"For recent 10 days, Bitcoin Realized volatility recorded 16%, meaning that daily volatility was less than 1%. Bitcoin Realized volatility was the lowest since November, 2018. Later, Bitcoin price has plunged by 50%," tweeted Skew, a cryptocurrency data analysis firm.
"Bitcoin would suffer a major move to the downside, before next bull market," anticipated Peter Brandt, a cryptocurrency trading veteran, who predicted bear market in 2018.
"Bitcoin is traded sideways, but it holds above a key level in the past led to over 5,000% returns. BTC/USD pair has closed above the Ichimoku Cloud for 7 weeks in a row. But there's a shocking twist coming that could shake up the sideways trend," explained Tony Spilotro, an analyst of NewsBTC.
"Bitcoin is trading above the 100-day SMA and 200-day SMA, and its trade volume and volatility were decreased. Thus, BTC is likely to witness a great volatility soon. Bitcoin price would surge, soon," said Michael van de Poppe, an analyst. "Bitcoin, known as 'digital gold' will see another bull run," argued Niall Furguson of Harvard University, a renowned economist who was named in 2004 as one of TIME's 100 most influential men in the world.
Jason Williams, the co-founder of Morgan Creek Digital Assets, questioned "Is 100 BTC a prohibitive money?" on twitter. "Yes. 100 BTC is equivalent to 1 million dollars. If BTC price surge from USD 100,000 to USD 300,000, 100 BTC would be an enormous price", answered Adam Back, the Chief Executive Officer of Blockstream. Then, a twitter user retorted that BTC won't surge by USD 100,000. "When BTC was just USD 100, few expected the cryptocurrency to rise USD 10,000. But, now, BTC price can reach USD 100,000," suggested Back.
Investor sentiment is slightly recovered. Fear & Greed Index, provided by Alternative, recorded 44, increased 3 points compared to the last day, but it remained 'Fear' level. In the index, a value of 0 means "Extreme Fear" while a value of 100 represents "Extreme Greed".
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