Bitcoin Makes A Small Pull-Back As Crypto Community Anticipates An Imminent Recovery

Market Update: Bitcoin (BTC) Seems To Find Calmness Just Above $5,000 After Blasting Past $5,200

Bitcoin’s price has pulled back right after the crypto’s charts drew the Golden Cross, something that has left some people confused. Many crypto experts have been all bullish and expressing a lot of optimism for Bitcoin’s impending bull run.

However, this sentiment is now a little “dirtied” as Bitcoin and other top cryptos shed a few percentages in price. Prior to the new development, Bitcoin had surged past $5,600 after the breaching the $5,200 resistance a few days ago. At the moment, all of the top 10 cryptos are in the red. Still, that doesn’t seem to unsettle a lot of people.

Coin360
Via Coin360

Premature Hype?

It’s a fact that so many crypto bulls and fans alike have been bullish all through the crypto winter. When the tables turned on the bears and the market started recovering this April, the fans were full of excitement, with various analysts dishing out some serious predictions.

However, the current market situation raises the question of whether all this hype might have been premature. Whether the bullish sentiment is premature or not, there’s enough indication that Bitcoin is about to take a major jump despite the sudden pullback.

Buying Is A Good Thing

As much as the sudden drop in Bitcoin’s and other cryptos’ prices might rattle some people, the bigwigs like Tom Lee are still faithful. Tom conducted a simple poll through his twitter account. He asked for his fans’ opinions about the Golden Cross on Bitcoin’s chart. The results were nothing if not inspiring. Apparently, a majority of the respondents still thought that this is the right time to accumulate Bitcoin.

BTC Is Preparing For A Surge

Turns out, Fundstrat’s Tom Lee isn’t the only crypto bigwig with strong bullish tendencies. According to one Ran NeuNer, who is a popular crypto expert working with CNBC, it’s still not too late to buy some Bitcoin at current prices. In his opinion, the coming bull run may not be influenced by speculations.

At the time of this writing, Bitcoin and other top cryptos are still in the red. However, the general consensus is that this is just a temporary situation that should blow over soon and set Bitcoin and the larger crypto market up for a major bull run. In fact, many experts are convinced that Bitcoin will break the $10k barrier before the end of 2019.

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