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Bitcoin Pumps Following Chinese Announcement Is $11,000 Next?
World's First Cryptocurrency Experiences Very Volatile Time
It seems that Bitcoin is more volatile than ever. Last Wednesday, prior to Facebook CEO Mark Zuckerberg's testimony on the cryptocurrency project Libra, the market took a big loss. Bitcoin and nearly every other cryptocurrency reported losses of around 8%.
The testimony did not go as smoothly as many anticipated and Zuckerberg faced harsh grilling from both Republicans and Democrats. One key quote from the testimony was: "China is moving quickly to launch a similar idea [to Libra]"
You can see Mark Zuckerberg's full opening statement below.
Bitcoin has done more than rebound from its Wednesday crash thanks to Chinese authorities.
Xi Jinping to Cryptocurrency's Rescue?
In a possible snub to Mark Zuckerberg or the U.S. Government, the Chinese government passed a "crypto law". News of this announcement sent the markets wild and Bitcoin's price briefly reached just below $10,000 on October 26th.
Xi Jinping the Chairman of China reportedly praised blockchain technology. In addition to that Jinping called for more research and investment in the technology. As a result, Chinese social media circles went wild.
Bitcoin has pulled back slightly and is currently trading at $9,555 at the time of writing this. This is still nearly a 30% price increase since Wednesday.
Some could say that this proves that fundamental analysis is much more influential in cryptocurrencies than technical analysis.
It appears that excitement in China regarding Bitcoin has yet to die down. As mentioned by Twitter personality Dovey Wan, it appears that it is only growing.
40 hrs after the Xi Blockchain Shill .. https://t.co/g88DwdfOaZâ Dovey Wan ð ð¦ (@DoveyWan) October 27, 2019
Bitcoin, Where to Next?
It appears that Bitcoin could possibly grow beyond its current price of $9,500. Many large influencers such as ex-NSA Edward Snowden, Twitter's Jack Dorsey, and even conservative news personality Mike Cernovich have made note of Bitcoin's rally.
Should market optimism continue we could realistically see Bitcoin trading at $11,000 in a matter of days. We could even possibly see Bitcoin at $16,000 as per the "Asuka prophecy"