Bitcoin Is Back! Price Surge! Naaem Aslam & Tone Vays about Bitcoin

Hi, I’m Giovanni and
today is a big day for Bitcoin. In less than an hour it skyrocketed past $4,200
resistance to briefly touch the $5,000 level, ending a three month period of stagnation. The sudden spike was then followed by a micro
correction which led Bitcoin to stabilize around the $4,800 level. The total market cap surged by $17 billion. Bitcoin’s sudden price hike had a knock-on
effect on the whole market, with Tron, Litecoin and Ether posting significant gains. The reasons sparking this impressive rally
are still unclear. A number of cautious analysts told Bloomberg
that sudden spikes such as today’s one are common phenomena in the still immature and
“emotional” crypto market. Here with us the chief market officer of ThinkMarkets
Naeem Aslam and Bitcoin analyst Tone Vays with their perspectives
on this major price surge. Hi Naeem, so what happened with markets? Why Bitcoin skyrocketed? Today is what we call the Bitcoin day. And the reason that I am emphasizing that
is because it’s the first time that we’ve seen the prices crossing that $5,000 mark
and it happened at 6:21 a.m. London time, when we’ve seen that huge spike
in the Bitcoin price. Now in relation to one particular reason,
there is no one particular reason which brought intensive move in the price, but there are
two important charts that I wanted to mention. And these charts are the primary reason that
we have seen this momentum, this huge move in the Bitcoin price. Now firstly, if we look at the weekly chart
for Bitcoin it shows that we have a six consecutive weeks of gains for Bitcoin price and the most
important fact is that we haven’t seen this kind of a trend going all the way back since Bitcoin
formed its all time high of approximately $20,000. But the most important aspect, what I really
wanted to discuss with our viewers today, is that the standard deviation, the concept
of the standard deviation. To break it down for a normal, for an average
investor, a standard deviation is a move that how much Bitcoin price
has moved from its average. Now the higher the move is that the more the
standard deviation it goes on to the standard deviation aspect. In this particular chart what we see is that
today’s move which was literally 20% move on a daily basis added over $15 billion in
terms of market cap for Bitcoin. This pushed the standard deviation to three. So what I’m trying to say is that the last
aspect of that bar for the standard deviation has touched a level which we have not seen
going all the way back once again with that during the days of when Bitcoin price touched
the level of $20,000. So, let’s see what Tone Vays think about
it. Tone, what do you think was the trigger? There isn’t always a trigger. I always expected once the price went above
$4,200 we would escalate very quickly to $5,000. I honestly didn’t expect us
to break $4,200 this week. I thought it would happen in the weeks after
a little bit of a pullback, but if the market reacted appropriately once $4,200 was broken. Shorts are liquidated, there were short squeezes,
more people jumped onto the hype. And a lot of news media always look for a
trigger to cause big drops and big rises. And I would say more than half the time they
were just trying to match news to something that it doesn’t necessarily
needed news to happen. It’s just traders, it’s just speculation. Bitcoin is no different than any other asset. Thanks, Tone. Going back to Naeem,
how sustainable is this surge? I mean looking at the price momentum now we
have retraced from the $5,000 mark and I think I’m looking at this approach level of $4,400
and I think as long as that hold the momentum can continue from here on that. So, what fundamentals are likely to influence
Bitcoin in the upcoming months? The reality is that the SEC is about to issue
very soon, in less than a month or so, about to issue their verdict on ETF and the current
stands where it stands today is that it is highly likely that we are
going to see that ETF. So the Bitcoin ETF becoming
a reality is coming very, very soon. I see, and what about more long term perspectives? So I am very optimistic when it comes to the
digital assets space. I’m very optimistic for Bitcoin in the longer
term, the price session where it’s going to go. And as you will probably know that we published
an article on Forbes where we talked about the cyclical move in the Bitcoin price. And if we look at two important factors. Number one is, if you look at where the government
debts are in Japan, in Europe and over in the United States. I think that’s the next biggest crisis, because
remember, I mean, we cover traditional assets on a daily basis for commodities equities. Now if we look at the debt levels they are
at a very, very critical level. And for me, I think the next biggest crisis
is going to be the debt crisis at a governmental level. That is something that
we have never seen before. And I think that kind of a crisis is going
to bring a lot of shine back into Bitcoin. Thank you, Naeem. So, talking about the present. Tone, do you think it’s time
to buy or sell Bitcoin? I think 12 hours ago was a great moment to
sell some Bitcoin that you were holding. For example, like we have that conference
coming up understanding Bitcoin and Malta. We’ve been collecting tickets sales in Bitcoin
and we sold all of that Bitcoin from ticket sales earlier today at a price very close
to $5,000. So we took this opportunity to actually exit
the Bitcoin position, because I don’t anticipate it going much higher. And if it does go higher – sure, you can go
into a swing trade, but I think the upside here is limited and I still think that the
more likelihood is lower prices, and investors should always stay calm and not jump in at
the end of a 15% move within a matter of hours. Here with us were Naeem Aslam and Tone Vays! As for us, we’ll continue monitoring the
crypto market closely, so stay tuned and
don’t miss our next updates.

16 thoughts on “Bitcoin Is Back! Price Surge! Naaem Aslam & Tone Vays about Bitcoin”

  1. Also 500Million were liquidated on Bitmex swallowing the 80Million short preventing BTC to pass $4200
    Tadahhh … hehehe 🙂

  2. Turned it off as soon as he started talking about chart nonsense. When they haven't a clue they start showing charts to make you believe they know what they are talking about and that they can predict the future. When by luck they get it right they believe it's because of their genius at using TA charts. When it goes wrong they then find every excuse under the sun. If TA worked everyone using it would be billionaires. LOL

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