Crypto Market Gains $6 Billion in an Upward Trend. Is the Bull Run Imminent?
In the last 24 hours, the market has shown a bullish tendency, particularly for Bitcoin (BTC) which has been on the increase faster than the other top cryptocurrencies. Today, Bitcoin has gone above $4,000 due to the slow but steady progress it has made over time since the last dip.
The market has been on a bullish adventure mostly since the year started, sprinkled in with some downward trends between. This could be a sign that the market may be witnessing a good time in the near future seeing that Bitcoin has maintained a strong resistance against the bears even though the pressure has been much.
Although this is not the first time Bitcoin has crossed $4,000, there always seems to be a dip shortly afterward, the last one being a dip from over $4,000 to $3,700 in less than ten minutes. The market, however, keeps bouncing back and Bitcoin has only gone below $3,800 once since the last dip.
Many experts and even traders have predicted that 2019 could be a very fruitful year for cryptocurrency generally and especially for Bitcoin, although we are not sure when this will actually happen. Tom Lee mentioned earlier this year that Bitcoin will end the year on a good note, although not very good but better than 2018.
In a more recent interview with CNBC, he added that Bitcoin will remain under $4,000 for at least 5 months before really making any significant progress in line with his initial prediction. Not only Lee but Fintech also predicted an 84% rise for Bitcoin in 2019. While these are very interesting bullish predictions, it is uncertain if they will actually come to pass in 2019 because the market can be unpredictable.
Not only Bitcoin but Ethereum (ETH) is also on the rise, currently trading at $143. ETH also has crossed $140 a number of times this year and has maintained its price above $130 most of the time. These trends actually suggest a stronger market trying to build momentum for a big move and we all hope the move will be soon.
Bitcoin is currently trading at $4,061 with a gain of over 5% at press time while ETH has gained 6.91% to trade at $143.89% according to data from Coin Market Cap. Will the market still back down or push forward this time around?
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