Over the past 24 hours, Bitcoin spiked by $1,750 or more than 16% and is now trading at around $11,500. Trading volumes also slightly increased. Bitcoin only dreaming about calm or at least temporarily pause of price spikes.
The general opinion was that the FOMO did not have time to fully cover retail investors, while at the end of the week it was reported that a wave of interest swept the Chinese people. Mobile applications of the largest Chinese crypto exchanges were in the top of the search. It is difficult to underestimate the size of the population and the propensity of the Chinese to invest.
After the recent significant drawdown of the prices for Bitcoin and all altcoins, it is likely that retail investors perceived this situation as an opportunity to buy in a short-term recession. If market participants still continue to believe that we are now in the “super-rally” phase, then Bitcoin does indeed have the potential to grow to new highs.
The FxPro Analyst Team
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