Bitcoin (BTC) has found a stable level in the region of $5,000, settling towards $5,700. In the past week, it has been sitting just under its highs, but could be form another leg up. Meanwhile, the positive price action of Bitcoin in the past month might make altcoin experience a different price action. Does this mean altcoins will slowly die off?
Bitcoin (BTC) Going Above the $5,700 Region
A the beginning of this week, Bitcoin was trading at $5,730, a bit lower compared to the end the weekend when it reached $5,830.
In just one week, BTC went from $5,200 to $5,900, and then settled down at the current price level.
In a recent tweet, the popular Technical Analyst Mitoshi Kaku explained why the BTC price will soon go well over $6,000:
I don't have a problem with the price reaching $6260 next week, and if I have to put my finger on a date, Tuesday-Wednesday doesn't sound crazy at all. Waiting… $BTC 1W #Gann #Coinbase pic.twitter.com/kH5UMZOk3K
— Joe • Mitoshi 🧑🚀 (@CryptoSays) May 5, 2019
Altcoins’ Prices Are Mixed
In the last month, while Bitcoin’s prices showed a steady increase, altcoins’ price gains were mixed: some had massive gains, and others either went stagnant or dropped. XRP, for example, only rose to $0.37 from a low of under $0.30, and then the selling pressure made it go back to the $0.30 range.
Ethereum’s price has gone 7% up at the beginning of this week, reaching $174, but it still hasn’t reached the recent highs of nearly $183.
Meanwhile, Max Keiser’s cryptocurrency-focused venture capital firm – Heisenberg Capital, released a rather grim Tweet about altcoins’ fate in the next years:
We see the market rejecting everything, except BTC.
This has been our dominant investing thesis since 2011.
We’re doubling down on Bitcoin Maximalism with new capital.
As BTC climbs toward our 2011 target of $100,000, we believe everything except BTC will die-off.
— Heisenberg Capital, est. ‘13 (@HeisenbergCap) May 5, 2019
Many of the users commenting on his Tweet disagree though, saying that HC must reevaluate their thesis, adding that there cannot be just one cryptocurrency on the market. Some agreed that the company needs to change their analysis, or else they will die off sooner than any altcoin.
The week continues and we will soon see if Bitcoin will consolidate and whether it will move above the $6,000 region or not.