The world’s most popular cryptocurrency, Bitcoin, has surged by more than 11% in the previous day, momentarily surpassing the $57,000 mark. Supporter of Bitcoin and early adopter Max Keiser has speculated on Twitter that this may be the beginning of a “God Candle” that would take Bitcoin over $100,000.
Bitcoin price skyrockets to $57,000
Bitcoin surged from $51,071 to a high of $57,076 in the last day. However, Bitcoin did not rebound from that point; instead, it slightly declined and is currently trading at $56,315 as of this writing. The decline from the $57,000 top was 1.39%, and the total increase from Monday is currently 10.24%.
https://x.com/maxkeiser/status/1762296287733440754?s=20
This is the closest Bitcoin has been to the first record peak hit in 2021. In March of that year, it first rose to $61,200, then in November it reached a new all-time high of over $69,000. Currently, the price of Bitcoin is 18.25% less than its all-time high. In the last 24 hours, Bitcoin’s market capitalization has increased to $1,106,160,208,247, a 10% increase. Its trading volume has also increased to $48,980,268,570, a 234.77% increase.
MicroStrategy initiates another BTC purchase
A report about the previously reported abrupt surge in Bitcoin was released by Santiment, an on-chain data vendor. According to the article, Bitcoin hit a 27-month high after surging beyond $55,000; the last time it saw a price like this was on December 3, 2021.
https://x.com/santimentfeed/status/1762249127134663024?s=20
The Santiment team is confident that yesterday’s acquisition by the massive MicroStrategy business intelligence team under Michael Saylor’s leadership contributed to the previously noted 10% spike in Bitcoin prices. The business paid about $155 million for the lump sum of nearly 3,000 BTC that it acquired. The transaction was made at the $54,900 price point. The research notes that there was an odd coincidence in which the S&P 500, the top index of the U.S. equity market, had a 0.5% fall. This might indicate that cryptocurrency is moving away from the stock market.
Major correction expected after halving
Leading bitcoin analyst Michael van de Poppe stated in a tweet yesterday that he believes the current rise in Bitcoin will end between $54,000 and $58,000, which appears to be the current price range.
However, Poppe anticipates a significant drop that would push Bitcoin to the $40,000–$42,000 range following the much awaited halving of the cryptocurrency in April.
