Bitcoin Trading Volume Surges while Bullish Views Rampant in the Market

As Bitcoin keeps on maintaining stability around $6,500, Bitcoin trading volume took a surge from $3.2 billion last week to $3.8 billion today. Meanwhile, crypto dog shares bullish sentiments for the entire crypto market along with DonAlt, Mati Greenspan, and Ran NeuNer.

Bitcoin Price Stable around $6,500, Trading Volume Surges

After days of no action, Bitcoin is finally seeing a surge in its trading volume as it reaches over $3.8 billion. Last week, the volume has been around $3.2 billion, registering a rise of about $600 million.

In his daily update today, our senior market analyst @matigreenspan points out that crypto volumes have seen more than 10X growth over the last 2 years, & are holding steadily above $10 billion. #cryptovolume

— eToro (@eToro) October 10, 2018

However, the price of the world’s leading cryptocurrency is still stable around $6,500. Today’s price range has been between $6,513 and $6,663. At the time of writing, Bitcoin has been trading at $6,590.

Experts on Bitcoin Price Movement

Meanwhile, people are feeling bullish about the market, expecting it to start off a rally soon. Matty Greenspan, the senior analyst at eToro stated: “A strong breakout above the 200 Day Moving Average could easily flip sentiment from bearish to bullish for many crypto traders.”

While Crypto Dog shared on Twitter,

$BTC is nearing apex of this consolidation pattern, hopefully we see a break upwards in the next day or two.

From my experience, the longer a consolidation pattern (the closer price ranges to apex), the more likely it is to break down rather than up. #Bitcoin $BTCUSD pic.twitter.com/EBE6sre63l

— The Crypto Dog? (@TheCryptoDog) October 9, 2018

As for if Bitcoin hitting the bottom or not, he further shared,

“You may be right, $BTC hasn’t hit the final bottom. But why should anyone even care?

There is TONS of money and opportunity to be made in the $crypto markets whether you will at some point be able to buy Bitcoin cheaper than $6000.”

However, not just Bitcoin, he is bullish on altcoins as well as he comments,

“I see consolidation following a high volume bullish break out from a six month long falling wedge. Bullish as hell on $crypto and $ALTS.”

“The range that never ends. It’s getting tighter though and I suspect we’ll get a big move soon. Recent PA is stuck in the one big green candle. Be careful in both directions, I wouldn’t be surprised by big shakeouts before the real move,”.

Also, CNBC’s Cryptotrader host Ran NeuNer Tweeted about Bitcoin ready to explode:

I just bought Bitcoin for my parents. It’s too obvious that it’s about to explode…

— Ran NeuNer (@cryptomanran) October 7, 2018

As for the explanation, he shared,

“Last year, around this time, BTC went from $6691 (Nov 11) to $20000 (Dec 17) in 5 weeks. This on the back of the expectation and launch of a cash settlement BTC futures contract. An ETF is a way bigger deal & requires actual purchase of BTC.2 looming SEC decision deadlines ahead.”

Currently, investors, traders, and analysts all are seeing a breakout for Bitcoin but for now, we can only wait and see as to where will bitcoin move.

Do you think a rally is coming? Share your views with us by commenting below!