Wow. In the past 30 minutes, Bitcoin (BTC) bulls have absolutely made their presence known. Within a ten-minute time frame, the leading cryptocurrency surged from $7,700 to $8,500 — representing a nearly 10% gain.
Altcoins followed suit, also surging by double digits as bulls finally managed to make a stand against the bears, who had brought Bitcoin from $8,000 to $7,400 just days earlier.
Related Reading: Bitcoin Price Indicators: Worse Has Yet to Come, Move Under $7,000 Likely
Bitcoin Pump Wipes Out BitMEX Traders
As normal, this bout of volatility — which came unexpected — caught many traders aback. According to cryptocurrency analytics provider Skew.com, this surge higher, which majorly took place within a ten-minute span of time, saw just under $150 million worth of BitMEX short positions liquidated.
This is smaller than the $200-odd million worth of BitMEX longs liquidated during this week’s 10% aforementioned drop from $8,000 to $7,200.
What’s Next?
The move just happened minutes ago, so analysts are still grappling with the implications for Bitcoin.
But according to GalaxyBTC, “this might be bullish.”
Not an expert but this might be bullish. pic.twitter.com/C8eeYlwuCh
— Galaxy (@galaxyBTC) October 25, 2019
There has also been renewed discussion of an infamous prediction made by a user on an anonymous forum, in which he/she/they claimed that December 15th, 2018 was the ultimate bottom, that Bitcoin would reach $5,300 in April, $9,200 in July, and $16,000 in October. The latter has yet to come true, while the former facets of predictions did.
If we keep going like this we're going to make it 🚀 pic.twitter.com/n4zyCkatKs
— Crypto฿ull (@CryptoBull) October 25, 2019
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