Less than two weeks ago, Abra CEO, Bill Barhydt, had predicted that All Hell Will Break Loose in the Crypto markets once the big time investors started pumping their funds into the crypto markets. Well, perhaps Bill can now be considered a prophet for the market is all green in the last one hour. Bitcoin (BTC) has done a massive $1,000 gain in less than 30 minutes, and it has pumped the entire market with it.
Bill was quoted as saying:
“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose. Once the floodgates are opened, they’re opened.”
The flood gates seem to opened ladies and gentlemen. Bitcoin (BTC) jumped from around $6,800 to $7,796 in a period of less than an hour in one of the most massive pumps seen this year. It has since settled to levels of $7,627.
So where is the volume and funds coming from?
The first and most obvious theory, is the one that Bill Barhydt had predicted of big time investors jumping into cryptocurrency investing. To note is that the famous Billionaire, George Soros, has been noted as welcoming the idea of investing in cryptocurrencies through his company, Soros Fund Management. The Rockefeller family is also getting in with the partnership of its investment arm, Venrock, with crypto startup, Coinfund.
A second explanation, could be American money coming in from the annual Tax refund season in the country that ends on April 15th. Perhaps a few crypto savvy individuals are planning for their Lambos by investing in crypto with their refunds; rather than buying new cars, paying mortgages or even saving for college. Famous stock market strategist and crypto investor, Thomas Lee, was quoted as saying that the markets will revive after the 17th of April and particularly after the American Tax Season.
According to Thomas Lee, Bitcoin (BTC) is on the path to $25,000 by the end of this year and $91,000 by 2020.
In a nutshell, the signs of a resurgent Bitcoin have stated showing in the markets over the past few hours. What remains to be seen, is if the volumes can be maintained for the new crypto prices to be sustained.
TO THE MOON!
[Photo source, steemit.com]