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Bitcoin Bull-Run towards $10,000 mark

Bitcoin’s current rally, which has passed $8,000 for the first time since May, has raised many traders’ expectations. Some analysts are forecasting a bull run towards $10,000.

Signs of recovery as negative news declines
In the past two weeks there have been strong bullish signals, the price has risen by over 20 percent and Bitcoin’s market dominance is also impressive, as it is at a record high in 2018.

This increase is seen by many crypto-enthusiasts as a possible sign of a recovery of the crypto currencies. Talking to Express.co.uk, Jordan Hiscott, Chief Trader at the UK-based Ayondo Markets, stressed that the negative news about crypto currencies had already peaked and would probably fade away.

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The next point is crucial, as long as we stay above $7,300, I think there is the possibility of rising towards $9,200 in the short term.

Bull-Run aims for the $10,000 mark
Hiscott’s optimism is not an individual feeling. Other experts have also predicted a strong performance that will count not only for bitcoin but also for crypto currencies in general. Matthew Newton, analyst at the global trading platform eToro*, has pointed to a break in the past and even named the $10,000 mark for Bitcoin:

The short pressure on the market after the pattern was completed caused some concern that we saw a repeat of what happened in April when Bitcoin was unable to break the $10,000. By overcoming these important barriers of resistance, history does not seem to repeat itself and there is a real strength in the movement. If Bitcoin can close over $8,000 today, we could expect to have a good run towards $10,000.

Another opinion that talked about the possibility of a run was David Sapper,  the COO of onlinebetrug. He believes that the interest of institutional investors could be positive news driving up prices:

This is an extremely exciting time for crypto currencies and blockchain technology with increasing interest from Tier 1 banks and financial institutions. Although it will take some time for these companies to implement their crypto plans, positive news within the crypto sphere will benefit the market and cause prices to rise like at Bitcoin in the last 7 days.

All three perspectives illustrate the growing enthusiasm and positive expectations. It remains to be seen whether this rally will last long enough to reach the expected $10,000 mark and stimulate another bull run.

Despite positive headlines: Bitcoin price drops

For some time now, the Bitcoin course has only been going in one direction. Positive headlines, technological advances and innovations, major investors and banks interested in Bitcoin and the technology – all this is not enough to positively influence the Bitcoin share price.

Bitcoin price manipulation?

Is the Bitcoin price manipulated? Absolutely. Can you prove it? Not really. However, a large part of the Bitcoin community is certain that the Bitcoin course will be positively and negatively manipulated.

Some immediately think of tether when manipulated positively: first tether is’printed’ and then bitcoin is purchased. This increases buying pressure, leads to greater demand and thus to a rise in the share price. A report from the 1000x Group concluded that if tether (USDT) affects the bitcoin price, the price would have to be adjusted downwards by 30-80 percent. In addition, it was recognized that the BTC price rose as soon as tethers were printed. Overall, the BTC exchange rate rose by 40 percent between April 2017 and January 2018 thanks to USDT.

There are several possibilities for negative manipulation. One possibility is “Front Running”: A user wants to sell a bitcoin for $6,500 and places an order. Another user needs a bitcoin immediately and therefore sets a market order. The Exchange now buys the Bitcoin for 6,500 USD and sells it to the second user for 7,000 USD. The stock market makes a profit of 500 dollars. Some users have already complained about such an approach, but due to the opaqueness of the order books it is almost impossible to prove front running.