The latest development with the king coin has sparked jubilations through the crypto space. A few minutes to the time of writing, Bitcoin hit a new high of $49,110 and higher on some exchanges.
The new high marks the highest BTC attained in the last 90 days. The milestone as sparked a lot of reactions on Twitter. Most of the reactions to the news are all aiming at better prospects and anticipation of when the coin will hit $50,000 as many speculated that it is around the corner.
New Speculations
One trader speculated that the king coin may hit $80,000 if price movement mimics that of 2013. While many are still hopeful of BTC attaining three figures this year. One analyst reaffirms that we will never see a $20,000 BTC in reaction to the new high. In arguing his point, he presents the chart below;
The above chart contains data regarding the price history per BTC halving. The chart shows the increase the king coin experienced from the first halving to date. From the first halving to the second the largest cryptocurrency increased by more than 1,500% and also did the same from the second to the third. Based on this chart BTC is expected to surge as high as $200,000 before the next halving.
$222 Million Liquidated
While the bulls were rejoicing, the bears were doing the opposite. One reason apart from the milestone is the amount liquidated on short positions. It totalled $222 million as the By bit records the highest liquidation.
The liquidated funds on BTC adds up to 70% of $360.8 million (the total positions orders). The buyers no doubt built on the effect of the raging bulls on the derivative market earlier today as the is spot market responded favourably to the activities of the buyers. The BTC/USD pair increased by 8% over the last 24 hours.
