A cryptocurrency/blockchain investor and commentator known on Twitter as The Crypto Dog has expressed confidence that Bitcoin (BTC) may hit $6,000 and above while Ethereum (ETH) may surge to $200 because the market is “looking decent.”
According to The Crypto Dog, Tether has held the market down for too long and he looks forward to breaking out of the “hesitation.” The cryptocurrency market went into a dip after the news of the city of New York suing Tether and Bitfinex for deceiving its users came on board. Since then Bitcoin has been down just above $5,000 and Ethereum has just been above $150.
The surge to $6,000 as expected will be of great significance for Bitcoin because it is expected to be a critical support level that will either usher Bitcoin into a major bull run or crash it down if the asset fails to go beyond it. Several experts have however assured that the bear market is over and Bitcoin is on its way to a bull run.
Bitcoin bull Tom Lee, for instance, said based on the Bitcoin Misery Index (BMI), a huge price move is underway somewhere within the year 2019. He has also said that a new all-time high is coming in 2020.
Apart from this, other shreds of evidence such as the number of confirmed transactions, a growing dominance and the general interest in Bitcoin for funds transfer all point to a potential bull market.
The last few days have been sort of discouraging for the market and has stirred a significant amount of fear, doubt, and uncertainty. However, things turned around earlier today with most cryptocurrencies and all the top ten on a surge to a higher level. Bitcoin is currently well above $5,300 while XRP which has struggled to stay afloat is now safely above its critical support level of $0.3.
Obviously, the entire cryptocurrency community and especially investors are looking forward to a higher surge and $6,000 will be a good start. However, the market is quite unpredictable so there is no telling what will happen next. It is also hard to predict when the potential bull run will happen so we will just wait to see how things unfold.