The inflection point?
It was on May 3rd at 11:30 UTC, approximately. That could be the moment we remember in the future as the end of the crypto winter. That was when Bitcoin went above USD 6,000.00 in price. It was a critical resistance level for the currency’s price. Many analysts forecasted, beginning on April 2nd, that we could consider the 2018 catastrophic market to finally have turned bullish when we saw BTC go over 6k. And it’s happened.
The forecasts also said that if BTC managed to stay above the 6k level for more than a few hours, then the coin could have meaningful gains. And it’s been above 6k for several days already.
Expert opinions
“$6k has been a key price level for bitcoin,” said TradeBlock’s director of digital currency, John Tondaro. He also remarked that the coin has been acquiring momentum and making the way forward even as the cryptosphere has reported a few pieces of bad news.
Todaro explained,
“Two weeks ago, bitcoin prices rebounded shortly after Tether/Bitfinex insolvency concerns surfaced following the NY AG’s complaint against both firms,”
He added,
“We saw Bitcoin prices rebound quite quickly after it was revealed that $40 million in bitcoin was stolen from wallets belonging to Binance in an exchange attack.”
He added that now that the 6k line is behind, the digital asset could keep increasing its value.
Digital Capital Management’s managing director, Tim Enneking, talked about the 6k price level as “a tough nut to crack” but he agrees in that, once that level is surpassed thus breaking “overhead resistance” then it will “almost certainly” show “a strong surge higher.”
Also, Jeff Dorman, serving as a chief investment officer for asset manager Arca, has talked about the USD 6,000.00 level. He said that once BTC goes over 6k “there could be little standing in the way of rapid and significant gains.”
Outlook
The market conditions for Bitcoin seem to be the best we’ve seen since mid-December 2017. The current Bitcoin surge appears to be more of a sure sign than that of April 2nd because the rise is more substantial and so are the market’s trading volumes. And as Bitcoin goes up, all the cryptocurrency market is likely to go along and gain value.
So most experts agree in saying that the current 6k+ level is the platform that could see the Bitcoin price take off after so many months trading sideways (or losing value). They’re not the only ones, as many others have said the very same things for weeks now.
It’s excellent news, it could be the bullish run we’ve been waiting for almost 18 months. However, as good as the signs may be, this is not a time to forget that investing in cryptocurrencies is very exciting, and profitable, because it’s also hazardous.
The market has been volatile always, and it won’t turn stable in this opportunity just because that’s what we would all like. So, enjoy the green numbers, the favorable winds. But remain cautious and do not put into crypto money you can’t afford to lose.
Bitcoin is trading at USD 6308 as we write this, in green numbers for the last 24 hours (4.16%).
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.