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Cryptocurrency enthusiasts the world over woke up to the excitement of seeing one mighty green candle on the Bitcoin price chart this morning. As you can see on the Luno chart below, the price jumped R10,000 (or 20%) in the matter of a single hour.

In last week’s Market Analysis, Graeme Tennant outlined an Ascending Triangle pattern that was forming on the chart, and said there could be some upside on the way. What we didn’t realise, was just how soon that upside would come!

That green candle you see there took place in a single hour. In one hour, the BTC/USD price jumped from $4200 to $5000, depending on which exchange you were looking at. An $800, or 20% move. This is why people love crypto – it’s still so small that just a little bit of buying creates violent moves of this nature. Great for bull markets, brutal in bear markets.

But does a 20% move in an hour indicate the bulls are back?

We chat with our Financial Analyst, Graeme Tennant, to see what he thinks. And I can tell you, it’s good news. If it’s TLDW (Too long didn’t watch), Graeme closed off by saying he is now 70% bullish 30% bearish. That’s the most bullish he has been in a year.

That must be saying something.

Give the video a watch below, or listen to it on your favourite podcasting platform.

Below is the analysis in audio format which you can listen to right here and right now from the comfort of your own web browser:

So it looks like we could be in for an interesting few weeks and months in the crypto markets.

Stay close to Global Crypto, and subscribe to our newsletter, for the latest updates and analysis on where the price could be headed and what to look out for.

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James Preston
James Preston is the Executive Editor of Global Crypto. He is a writer and media commentator who has been reporting on how the Tech industry will make the world a better place for 14 years, with a large following on South African radio. He is an early adopter of Bitcoin, and began reporting on its revolutionary capabilities in late 2014. Philosophical by nature, he is intrigued by how the world works, and in turn, how it can be bettered. James believes wholeheartedly that the world can become as close to perfect as we humans can imagine, but it will take a lot of effort (and time) to get there. He believes his life purpose is to inspire people to believe this, and find their place in helping humanity achieve it. James regularly does talks on emerging technology and its impact on society at Universities, global conferences, and events. To invite him to speak at your event, or comment for your media outlet, email info@globalcrypto.tv