This big positive line is here again! Will Bitcoin hit a new all-time high?

Last night, Bitcoin rebounded by $1,000 in one hour, setting a new one-hour rebound record since April 1, and today Bitcoin continued to strengthen and has broken through $10,600.

Xiaocong APP found that before April this year, Bitcoin had been fluctuating in a low price range. On April 1, a large positive line soared by $700 in one hour. Since then, Bitcoin has started a bull market.

It can be said that on April 1st this line bid farewell to the sideways trend and announced the official launch of the bull market in the first half of this year.

After a lapse of 3 months, Bitcoin set a new record of rebounding by $1,000 within an hour yesterday. Will Bitcoin set a new high afterwards?

But the current situation seems to be different from that in April. Bitcoin is currently extremely volatile, and its future trend may be very unclear. During the Libra hearing, Bitcoin experienced a wave of crazy and bizarre ups and downs, with uncertain weather.

At 19:00 on July 17, Bitcoin fell from $9,400 to below $9,100, a drop of more than 15%, but around 23:20 on the 17th, Bitcoin returned to around $9,700. At 14:30 yesterday, Bitcoin rebounded again to over $10,000. At 22:10 yesterday, Bitcoin fell again to $9,300, but within an hour, Bitcoin quickly rebounded by nearly $1,000 and is now back to around $10,400. Today, it continued to strengthen, breaking through $10,600 in the short term.

Data compiled by Twitter user Skew Markets shows that Bitcoin's volatility has returned to its highest level since the end of the bull market in 2017. But it points out that this volatility is not related to the Bitcoin bull market, but to the volatility of price levels. Bitcoin has been very volatile in the past few days, even below the $10,000 mark.

But why did Bitcoin finally reach $10,600 after such a dramatic fluctuation? Will Bitcoin hit a new all-time high? Xiaocong summarizes the market views as follows.

1. Libra has made Bitcoin’s exposure soar: Weibo’s hot search ranking is the second, and mainstream media are competing to report on it

Recently, cryptocurrency analyst Joseph Young tweeted that (the Libra hearing) was a long advertisement about Bitcoin broadcast on national television.

In other words, the discussion of the Libra hearing is inseparable from cryptocurrency, and cryptocurrency is inseparable from Bitcoin. The two-day meeting that the whole world is paying attention to is undoubtedly advertising for Bitcoin and increasing its exposure.

Libra and Bitcoin have not only occupied the headlines of blockchain media in recent days, but also mainstream media outside the industry have also rushed to report on Libra and Bitcoin. On July 18, Securities Times published a news commentary article "Can Libra surpass utopia?" The article stated that Libra is closer to reality than BTC, but still has a utopian color. In addition, 21st Century Business Herald, 36Kr and other media have also reported on it.

Yesterday, the topic that Libra will compete with Alipay and WeChat ranked second on Weibo's hot search list.

2. Libra was criticized, but some members of the U.S. Congress praised Bitcoin

During the hearing, Libra's security and trust issues were questioned countless times by U.S. congressmen. However, some members of Congress praised Bitcoin highly.

Former U.S. Congressman Ron Paul said he is in favor of cryptocurrency and blockchain technology and likes competing currencies. He further stated that cryptocurrency is a good idea and the government should only step in to regulate the space to prevent fraud.

U.S. House of Representatives member Patrick McHenry said in an interview that nothing can "kill" Bitcoin, but new iterations will try to imitate Bitcoin, but at the same time not be decentralized enough...

3. Bitcoin is officially recognized

Phoenix Finance reported that on July 18, the first Bitcoin property infringement dispute case was heard and sentenced in the Hangzhou Internet Court. After this trial, the court confirmed the "virtual property" attribute of Bitcoin. It is worth noting that this is the first time that the Chinese court system has recognized the virtual property attributes of cryptocurrencies such as Bitcoin.

This news has attracted a lot of attention from foreign media. In their view, China is a country that is very strict on cryptocurrencies, and this move by the Chinese court is a recognition of Bitcoin and that attitudes are changing.

4. Nasdaq may soon launch futures contracts based on Bitcoin

On July 18, Mati Greenspan, senior market analyst at eToro, tweeted: "After considering all the excellent BTC coverage in the financial media and considering the lean earnings environment in traditional markets, BTC futures will debut on Nasdaq." When asked about the time, Mati Greenspa replied that it might be in the next few days.

Will Bitcoin reach new highs?

Nana Otsuki, chief analyst at Monex Securities, said that there is a high possibility that the price of Bitcoin will recover. One of the reasons is that the trend of Bitcoin and gold prices has been highly correlated for several months. Judging from this trend, the latest decline of Bitcoin was too large. Therefore, there is a high possibility of recovery.

Analyst Dave the Wave said on Twitter that BTC may have a major pullback in the next uptrend, which may cause it to fall below $7,000, but it may then see a new all-time high and continue the five-year uptrend.

“Never fear, it’s here. It’s a five-year cycle [extension] that’s doable,” he said.

Litecoin founder Charlie Lee also said yesterday that Bitcoin will set a new record high, and the killer application in the blockchain world is that cryptocurrency becomes money.

But there is no shortage of bearish views in the market. Cryptocurrency analyst Joseph Young expects Bitcoin to see some extreme volatility in the coming weeks. He said that for many investors, chasing short-term returns has never been a good thing.

Tradingview analysts said their bearish view remains unchanged and Bitcoin's rebound is still within controllable range.

Author: Long Yue, please indicate the source when reprinting.

Source: Scallion Blockchain