Bitcoin Breaks Above $30K. Here’s Why

This is Chart of the Day, and I’m Nico Isaac. “Bitcoin Breaks Above $30K. Here’s Why.”

Well, the cryptocurrency world is abuzz with newly-fanned conspiracy theories on the true identity of Bitcoin creator Satoshi Nakamoto. Bedlam broke after a hidden Bitcoin whitepaper PDF was discovered in the hard drive of all MacOS computers created after 2018. The running theory: Satoshi is Apple founder Steve Jobs.

We’ll leave this intriguing Easter egg hunt to the technophiles. Meanwhile, Bitcoin prices sent investors on a different kind of high-stakes hunt on April 10. That day, Bitcoin busted out of a weeks’ long sideways pattern in an aggressive rally to 10-month highs.

The origin of the mysterious whitepaper remains unsolved, yet mainstream experts say the reason for Bitcoin’s single-day surge was wide out in the open.

Wrote Barron’s on April 10:

“The price of Bitcoin has risen 1.5% over the past 24 hours to $28,325. The largest digital asset has been hovering around $28,000 for weeks now, spiking as high as near $29,500 amid bouts of enthusiasm — representing the highest point since the crypto crash accelerated into a brutal bear market last June.”

The March Consumer Price Index, a.k.a. the much-anticipated inflation data, publishes on April 12. So, do Bitcoin investors have a collective crystal ball such that the April 10 rally was anticipating a CPI number two days ahead of its release, or is there a more rational explanation for Bitcoin’s bullish breakout to 10-month highs?

Here, on April 10 our Crypto Pro Service prepared subscribers for the long-awaited move. We showed a version of this chart, pinpointing prices at the start of a third-of-a-third wave rally and said,

“We can lift the near-term key level to 27800.00, the wave 2 extreme and keep the focus higher in five waves…If a third-of-a-third wave is in progress, we expect BTC to move swiftly higher…”

And this is what followed.

Trading carries risk and cryptocurrency markets are the most volatile. Elliott Wave analysis isn’t foolproof either. But if you’re seeking a forecasting model that includes objective analysis of the world’s leading digital tokens, labeled price charts, and live videos, plus critical price levels to help manage risk, then our Crypto Pro Service may be your answer.