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Bitcoin Bounces Back Briefly as Max Keiser Predicts an ‘Explosion’

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August 26, 2019 | 

Darryn Pollock |  0 Comments| 

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The price of Bitcoin has been swaying between just over $10,000 and $10,500 over the last seven days after a dramatic fall saw the coin loose that strong resistance of $10,000. However, the price of the coin took a drastic spike at the beginning of the week, jumping to $10,500 in a matter of minutes.

This spike, while significant, was not huge in relation to usually Bitcoin movements. However, it would appear that Bitcoin maximalist Max Keiser somehow saw it coming as he tweeted that the price of the major cryptocurrency was ready to explode. It is unlikely he meant by only $5,00, and especially seeing as it has fallen slightly again, but the sentiment remains. 

The other side to Kaiser's Tweet read that Bitcoin is a coil Spring, ready to explode. Many feel that there is the possibility of the price of Bitcoin again climbing steadily having mostly cooled in recent weeks. 

This latest price volatility is however being put down to potential margin traders who may have entered the market breaking this parallel trading. 

Down and up

The last seven days have seen Bitcoin fail to break into the $11,000 range - something that was predicted by a number of commentators and traders. The coin dropped significantly from $10,900 to under $10,000, reaching a low of $9,800. 

It did manage to claw its way back to above $10,000 shortly after that, and even tipped $10,500, before another fall sent it back to the floor of $10,000. Mostly trading sideways, Bitcoin’s price recently hit a bout of volatility that some feel may have to do with Margin trading. 

The latest action brings Bitcoin back to its position at last week’s open, while monthly returns for investors have also come almost full circle to stand at roughly 2.7%.

Uncertainty brings joy

It appears that this volatility, which is mostly in an upward direction currently, is bringing a positive mood to traders and predictors a like. Keiser is clearly optimistic about the medium to long term future of Bitcoin, waiting for it to truey explode. 

He has hinted numerous times that the way in which Bitcoin’s mining will soon have it rewards cut in half, and that tie to its growing scarcity, can only spell an increase in price in the coming months, and even years. 

Looking at the short term, there are those who are wondering why the coin has been up and down so violently, but for only a few hundred dollars, over the last few days. 

One theory revolved around margin trading — the increasingly popular tool offered by major exchanges such as Binance and, most notably, BitMEX.

As the Twitter account known as Squeeze noted, a host of margin calls produces just the form of price action on markets which had previously baffled some. 

“The effect of cascading margin calls and stop loss triggers causing $300 slippage between XBT perpetual swaps on Bitmex vs Spot BTC,” a tweet read.


 

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