Monday, January 20, 2020

Report: Bitcoin [BTC] May Not Spike to $6000; Yet to Prove its Worth at Current Level

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

Bitcoin’s surge in price in the month of April has kept many on their feet as to what the most popular cryptocurrency will do next. Will it take a leap forward or another big slump? No one can tell for sure. Many have also outlined that it’s the altcoin season. However, a report from London Block Exchange’s market is here to spoil the party.

UK-based Cryptocurrency Exchange Cautions Investors

London Block Exchange market, a UK-based cryptocurrency exchange in its weekly report has cautioned investors against being too quick to glory in the surge in market prices since there are still a lot of uncertainties in the future. The exchange also outlined that it may not be the altcoin season after all based on an analysis of the market it had carried out.

According to the platform, the surge in the price of some altcoins during the Easter period could be a false start. For instance, while there was a 3.4 percent increment in market cap in comparison to April 18, it was a 0.5 percent decrement when compared to that of April 10 when the highest in the year occurred.

Altcoin’s Price Has Retraced and Led to a Loss in Gains

In the same vein, LBX noted that the price of some altcoins has retraced, which has led to a reduction in their gains. It, therefore, said it is evidence that it is not yet the altcoin season. @Cryptorangutan, who also made comments regarding the latter said “It’s funny to see the same people who misscalled the alt season for the 10th time in the last year NOW deciding it’s not happening and reducing alt exposure”

LBX further outlined that Bitcoin is unlikely to break past the $6,000 price level since it is yet to prove itself at its current price level. Whichever is the case, cryptocurrency analysts, on the other hand, would beg to differ. Many, for instance, outlined that it Bitcoin surges past $5,300, then a lot can be expected. As at press time, the virtual asset is valued at about $5,500 and has since maintained that price level for some time now.

In the same vein, BTCNN on April 23 informed of Mike Novogratz’s stance that there is a good chance that we have seen the lowest lows. The CEO of Galaxy Digital specifically outlined that there is an 85 percent chance that the floor is in. Peter Peter Brand who also gave his opinion, said there is a “50% chance BTC goes to $50k. 25% chance we establish a very prolonged broad trading range for several years. 25% chance we go to basically zero.”

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