Bitcoin took two days to move from $9K to $10K.
This Wednesday morning it could break the $11K barrier as it is trading at $10,870 moving up nearly 10% in Asian trading.The price acceleration is moving at such a pace there must be institutional buying piling into the cryptocurrency to generate the moves as seen on this chart.
On Tuesday during normal market trading hours bitcoin could not break out above $10K. But as soon as Asian market trading opened, the crypto price spike took off.
I have seen this trading practice occurring over the course of November.
You know bitcoin has arrived on The Street once they start a Santa Claus rally in the crypto.
With the recent price spikes many Street mouthpieces have continued with the tulip mania comparisons.
My thoughts on Asian institutional trading is that the trading firms may take the run up until the end of the year and then sell off to book profits.
A year-end sell off would not be catastrophic to bitcoin, in fact it could be beneficial to build support at lower price point in order to move higher. However, a $5k pullback in late December would also give the naysayers an “I told you so” opportunity.