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Bitcoin Spikes $1K In Hours

Bitcoin took another parabolic step, tapping $19K after obtaining about $1,000 in hours. This means that the cryptocurrency trade is roughly 5 percent less than its current all-time high in December 2017.

Bitcoin prices hit $19,400 through the late exchange on Tuesday 24 November in a step to add the historic surge. This is just 3 percent below its $20K high which occur almost 3 years ago in December. The asset has been dramatically reduced in a pullback of $700 to mid-$18K in which it is now trading. Analysts and traders are already looking at the next potential high of leverage in their favors.

During the 2017/2018 march, mass media outlets became known for spreading fear, uncertainty, and doubt (FUD) over something they just did not understand. In fact, CNBC came to be recognized as a counter-trade symbol as whenever the news channel expected a pump, BTC would dump and vice versa. The channel interviewed a pair of traders in its latest edition of Trading Nation, who had both very optimistic words about the Crypto King.

Todd Gordon, founder of TradingAnalysis.com, said the fifth wave is just beginning, which will result in a new all-time high in 2021. When asked about a price estimate, he added; “I can’t believe I’m going to go out on CNBC and say this, but it’s about $74,000. The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at $34,000.”

Altcoins

After a few days of relative stability, Bitcoin reminded everybody that altcoins had the potential to catch up, which they did marvelously. As CryptoPotato reported earlier today, the most powerful performer of the past 24 hours remains Ripple’s XRP that managed to surge over 50% in less than 24 hours. 

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