Bitcoin’s [BTC] parabolic price rally was buoyed by Consensus 2019, claims Fundstrat’s Lee

Bitcoin [BTC] is riding a bull wave unlike anything else, already recording a 10-month high. With the upswing not looking to slow down anytime soon, several factors have contributed to this rise. If these factors sustain themselves, the king coin could be in the green for a long time.

factor that is speculated to have contributed to this rise is the ongoing Consensus 2019 Conference in New York. This was suggested so by Fundstrat’s Head of Research, Tom Lee. Given the exhaustive nature of this catalyst, can one conference attended by the who’s who of cryptocurrency and blockchain have such a buoyant effect on the price of Bitcoin and the collective market?

Lee tweeted,

“Definitely think @coindesk #consensus2019 is a major factor (not only) for recent parabolic bitcoin move, especially considering higher overall quality of attendees at the largest crypto conference”

Source: Trading View

Consensus 2019 began on 13 at exactly 0700 ET, when Bitcoin was trading at just under $7,100. However, in just 10 hours, the price shot up by 13.77 percent to reach $8,045. The latter price point was realized at 1900 ET, just hour after the conclusion of Day 1. Interestingly, after Day 1 was wrapped up, Bitcoin dropped to $7,700. However, it has since recovered to go above $8,000, at press time.

Based on the price chart, there is truth to Lee’s speculation. However, causation cannot be implied by looking at just isolated case. Hence, it is deemed necessary to chart Bitcoin price to previous Consensus conferences.

Consensus 2018:

Source: Trading View

The conference for 2018 was held between 14 and 16, while the market was reeling under the bears of the early-crypto winter. Despite the decline from well over $15,000 to below $8,300 at the beginning of May, Consensus did play its bullish role in 2018 as well. On May 14, Bitcoin rose from $8,413 to $8,855 within less than 8 hours, sustaining $8,500 till the close of the conference. However, come the end of the week, Bitcoin almost fell below $8,000 owing to correction.

Consensus 2017:

Source: CoinMarketCap

Going back to 2017 prior to the $20,000 peak and the lack of mobilization of the cryptocurrency market, the price effect remains the same. Consensus 2017 was held on 22-24 and a week prior to the same, Bitcoin began to pump, just as it did last week.

On 13, BTC price was $1,700 and rose by a whopping 58 percent to reach $2,700 by May 24. However, a price cliff was seen soon after, with Bitcoin dropping below $2,000 a day after the conference.

In both cases, the price rose before and during the Consensus conference, but experienced a non-drastic correction immediately after. Given how the market has rallied prior to the recent conference, a sustained rise is on the cards for the past two days, followed by a correction. Although, market conditions during the past conferences have all been starkly different, some correlation can be gathered. However, a single threat of causation cannot be inferred.

The post Bitcoin’s [BTC] parabolic price rally was buoyed by Consensus 2019, claims Fundstrat’s Lee appeared first on AMBCrypto.

Post written by our friend Aakash Athawasya and from ambcrypto
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