Top Crypto Traders Explain Where Bitcoin Price Will Go After $9,400 Rally

The price of Bitcoin (BTC) increased from $7,700 to $9,500 in merely 48 hours from Wednesday to Thursday, rising by more than 22%. The market has cooled down since, with the dominant cryptocurrency dropping back below $9,000.

All key data points — such as spot market data, futures volume and institutional demand — suggest that the rally from the $3,000s to the $8,000s was purely organic. It was driven by actual demand from retail investors, and possibly whales, leading up to the Bitcoin block reward halving.

Whether the rapid upsurge from $8,000 to $9,500 was organic or caused by spoof orders in the futures market is unclear. According to Skew, futures volume largely increased when Bitcoin went from $8,000 to $9,500, while it remained relatively low throughout April. Skew said:

“Futures volumes were up significantly the last two days on the rapid break through $8k and $9k, mirroring what occurred on the 12th of March. Nearly $40bln were crossed yesterday.”

Bitcoin futures…