Bitcoin prices keep going up for three months in a row and everybody is wondering what will happen next with the popular cryptocurrency. Early this month, Bitcoin went up over 20% in just 24 hours, and CoinDesk charts show that in April it fluctuated between $5,000 and $5,500.
Analysts Believe The Market is “Indecisive”
Experts believe that Bitcoin is not ready to enter a bull market because it is, as the CEO of BitBull Capital Joe DiPasquale puts it, “still somewhat indecisive as to the direction it should go.”
DiPasquale believes that even the prices rose, Bitcoin hasn’t “entered a bull run yet.”
Forbes noted that Marouane Garcon, the managing director of Amulet (crypto-to-crypto derivatives platform) has the same opinion, adding that Bitcoin will be like this for a while.
Nonetheless, the gains experienced in April are improving the sentiment about Bitcoin, stated TradeBlock’s director of digital currency research John Todaro:
Other analysts pointed to the positive developments the market experienced in April.
“Twitter mentions for bitcoin and ether in late April hit their highest numbers since Jan 2019.”
Even the search interest in the term bitcoin on Google reached its highest level since the end of 2018.
What’s Next for Bitcoin?
According to CryptoPatterns’ Jon Pearlstone, Bitcoin will only see higher prices in the next months, even reaching $6000. He notes a few signs that point into that direction:
– “price broke above the 2018 bear market trend line and held above it at the close of April bar on a monthly chart”
– “volume increased on a monthly basis over January, February and March”
– “price closed above the key $5000 support level.”
DiPasquale noted that after Bitcoin reached and crosses $6,000 and stay like that for a significant time, we can consider “the start of a bull market.”
Todaro advises every investor to look out for the Bitfinex/tether situation, which will affect the digital currency industry.
