Tuesday, July 14, 2020

Analyst: BTC Breaking $5,000 Indicates The End Of ‘Crypto Winter’

The recent price swing of cryptocurrencies has stirred a lot of reactions from the community. The price of several virtual coins are on the rise and crypto analysts have concluded that it could signal the end of the bear market. The latter is as a result of certain occurrences which were last seen in November 2018.

Could April 2nd be Memorable or Another Day to be Left Behind?

April 2nd could be a memorable day in the crypto space given that Bitcoin hit $5,000 after five months. The day could also be forgotten like others which the asset exhibited a remarkable performance. The former will be the case if these assets’ prices keep surging from here henceforth, while it’ll be the latter if they decline. Nonetheless, for Nigel Green, CEO of deVere Group, a U.K. consulting firm, Bitcoin is back.

According to Market Watch on April 2nd, the CEO said there is a growing belief that Bitcoin is back having spent too long in the bearish trend. He also added that the market has bottomed and he is certain that the “so-called crypto winter has come to and end.”

Nigel Green also said:

I believe bitcoin will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector

Professional Cryptocurrency Traders Believe Bear Market is Over

Other professional traders in the space have also made positive remarks regarding the state of the market. They believe that from here onward, the prices of cryptocurrencies have a higher potential of incrementing.

An instance of this is the case of Crypto Krillin, a Switzerland-based analyst. Even before the market prices began to rise, Crypto Krillin on March 24 stated that Bitcoin will spike to $5,500 and if it fails to do so, then it will decline to its $3,000 price level.

One more prediction which is bullish, was made on April 2nd by Alex Krüger, a cryptocurrency trader. In his opinion:

A break above $4,200 technically ends the bear trend that started Jan 2018. Facts don’t care about opinions. If strong selling resumes later on, that would represent a different trend

Like Alex Kruger, John McAfee recently stated that the bow of the bear market has reached its maximum, therefore, we can expect higher prices. Nevertheless, one still has to make informed decisions before venturing into the market at this time, because only they will be held accountable for their own gains or losses.

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