In line with a recent ‘interview‘, renowned Bitcoin [BTC] analyst named ‘Tone Vays’ aforementioned that the recent cryptocurrency market surge might have no specific catalyst, and that lower costs may still be within the cards.
While speaking regarding possible driver of Bitcoin’s [BTC] spike on the night of 2nd April, Vays said that there’s not every-time a trigger, adding that it could be simply speculation that “Bitcoin isn’t any different than any other asset.”
Vays expressed that he had forever expected Bitcoin to hike to $5,000 USD once it overcomes the $4,200 USD price barrier, though he didn’t expect Bitcoin [BTC] to break this barrier so soon within just a week.
Explaining further, Vays added:
“Shorts are liquidated, there have been short squeezes, more individuals jumped onto the hype, and several media stories as usual caused a trigger to cause huge drops and massive rises. I might say more than half the time they’re simply attempting to match news to something that it didn’t essentially need news to happen.”
As ‘reported‘ earlier today, some have suggested that the investors are converting pounds to Bitcoin’s – that is scheduled to happen in mid-April – may have been a possible catalyst, whereas others attributed the surge to algorithmic trading method.
Additionally, Bloomberg ‘reported‘ that the total number of active Bitcoin wallets raised within the two weeks leading up to the rally. Specifically, 40% to 50% of all Bitcoin had been stored in wallets that were inactive from the past 1 to 6 months, whereas the average has reportedly been 10% since 15th March.