By CCN: Overnight, in merely minutes, the bitcoin price climbed from $8,000 to $8,600, unexpectedly recording a 7.4% increase on the day.
The bitcoin price has surged by $600 in minutes, spiking from $8,000 to $8,600 in a short time frame. | Source: CoinMarketCap
Prior to the run of bitcoin, technical analysts generally anticipated the dominant cryptocurrency to see a pullback following its 100% year-to-date gain against the U.S. dollar.
At $8,600, the bitcoin price is now less than 57% down from its all-time high and is up 132% since January, within six months.
Strong Momentum Is Fueling the Bitcoin Market
Earlier this month, the bitcoin price briefly dropped to $6,400 triggered by the abrupt sell-off of 5,000 BTC on Bitstamp which triggered contracts on BitMEX to become liquidated. Some analysts said that a large pullback for bitcoin could be due, possibly to the $4,000 region.
However, speaking to CCN in an exclusive interview, a cryptocurrency trader who is known as “Satoshi Flipper” said he does not foresee a 30% retracement back to the $4,000 region. Rather, he said that the retracement will likely be 10% at most as it stabilizes above key support levels.