The past week was shocking for the cryptocurrency market in a good sense of this term.

Bitcoin price rose sharply and surpassed the most optimistic expectations at a rapid pace. Many analysts have concluded that a sharp jump on April 2 was a manipulation on number of exchanges during the Asian session. Nevertheless, it allowed the price to overcome the psychological level of $ 5000, thereby completing the longest bearish trend in the history of the cryptographic market.
On April 4, the trading volume reached the historical maximum of $ 86.62 billion. The figure exceeded the similar figures of January 2018 by 42%. True, the data of the alternative analytical portal OpenMarketCap (OMC) give other figures: $ 5.3 billion, which is about 93.6% less than the data presented by SMS. True, the cumulative capitalization is currently 4 times lower.

However, the CoinMarketCap data should be treated with caution: after Bitwise Asset Management released an analytical report on the falsification of the trading volume, SMS was at the center of the scandal. Later, the portal recognized that the problem of fake volumes really exists. Now CMC will track traffic from cryptocurrency exchange sites, cold and hot wallet balances, as well as liquidity indicators. Thus, users will be able to assess the ratio of trading volumes and actual liquidity themselves and draw their own conclusions.

Bloomberg wrote that algorithmic trading could lead to a sharp rise in early April. Thus, according to Crypto Fund Research, since September 2018, 17 new funds engaged in algorithmic trading have been launched on the market. Oliver von Landsberg-Sadie, General Director of the BCB Group, believes that the rise in BTC to $ 5,000 could have been triggered by large purchases of robots owned by these funds.

An interesting forecast was made by a trader and cryptanalyst Josh Ranger. He suggested that bitcoin accumulation phase would last until mid-July, followed by steady increase in price. According to him, the current price dynamics is similar to that observed in 2015. At the same time, a bull candle formed on April 2, with a value of $ 1000, corresponds to the middle of the current accumulation phase. The latter, Rager is sure, will end on July 19, 2019. However, the trader stressed that this is only a hypothesis. Later, he published a tweet with a schedule, which indicated that the borders of the consolidation zone could be simple moving averages (MA) with periods of 100 and 200 weeks, acting as resistance and support, respectively. Thus, to start a bullish rally, the price needs to break through the resistance in the form 100 week MA. A week ago, Josh Rager shared his opinion that the upcoming phase of the bitcoin bull cycle will end at $ 150,000 in 2023. In February, the trader expressed confidence that after 2021 most investors would not be able to purchase more than 1 BTC due to the high price of the first cryptocurrency.

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