Bitcoin behaved like the proverbial phoenix recently. From crabbing sideways at $15-16k, it suddenly pulled away and surged to $22-23k, where it has remained ever since. No one can lay claim to knowing what exactly caused this unexpected pump, but there is no shortage of theories.

Reasons that could explain the rise in Bitcoin include the cooling of inflation in the United States, FTX declaring that it has managed some $5 billion in assets, supply shock due to unprecedented numbers of people taking their coins off exchanges, short sellers getting themselves obliterated, and of course, the inverse Cramer strategy. Speculation is rife; spirits are high.

But here’s the million sat question: do you think this pump to $22-23k is transient like the cherry blossoms that sweep across the land in spring? Or do you think Bitcoin has broken away from its price level of $15-16k and is poised to crab at the $22-23k?

originally posted on r/cryptocurrency