Bitcoin Price Jumps to $590, Bull Predictions Coming True?

The bitcoin price is rising like nobody’s business! After a disappointing period of hanging around $570, bitcoin has now jumped to $595 at press time, a near $25 spike that occurred in just a few hours.

Bitcoin Price Confirming Past Predictions

Such a rise was to be expected, as discussed in our previous price pieces. The longtime sentiment among analysts was that bitcoin was preparing itself for a massive bull run, although no one predicted it would begin this early. Bitcoin has certainly surprised us with its rapid rise in price.

Some analysts claim they’ve felt the start of a bull run since late last week, and the results are certainly in their favor.

One source explained on Friday:

“Finally, some action. It’s taken until the end of the week to come to fruition, and it’s meant we’ve had a pretty boring week from an intraday bitcoin price trading perspective, but we’ve finally been given an entry opportunity… This means that… we are going to end the week up on the markets. Beyond that, as we head into the weekend, we’re looking for an entry on a slightly wider timeframe. We traditionally get some decent moves on the weekend, and this affords us the opportunity to widen things out and go for some sustained volatility profits.”

One thing that may be contributing to bitcoin’s present rise, believe it or not, is Bitfinex. Following anasty cyber-hack that cost the Hong Kong exchange over $70 million USD, Bitfinex recently handed out its first round of refunds to users who lost money in the attack. The company has entered an agreement with online investment firm BnkToTheFuture to help etch out a respective repayment plan to make sure all affected customers receive their funds back in due time.

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