The last 5 days have seen bitcoin break its normal price ups that are usually followed by a pullback and eventual consolidation. The world’s pioneer cryptocurrency seems by all accounts set on a bullish run that could soon see it reclaim its glory as a sharp mover. In 5 days, the crypto has stayed the winning course with resilience. This is after it sharply shot up from its “comfort zone” that it had maintained since the start of 2018.
From The Experts
As experts say, an asset is destined for good things when it presses on consistently especially after a sharp value change. As such, experts suggest that bitcoin’s current trend indicates a positive future to come.
In their writing about the crypto’s move, Thejas Nalval and Kevin Lu opine that the current signs of price drift point to the possibility that bitcoin’s current value may not be the fair or true value, indicating that the price is likely to go further up since the bullish run hasn’t fully satisfied the market forces of demand and supply. Kevin is the director of quantitative research while Thejas is a portfolio director at Element Asset Management.
Speaking to SharesPost, another expert, Tom Lee, said that there’s every indication that the crypto seasons are about to change, with bitcoin gaining momentum after a rather dull lull for the first half of the year.
Tom is the head of research at Fundstrat Global Advisors, and he was responding to a question on whether bitcoin is finally coming out of the woods after its wintry start in 2018. Going further, Tom said that since every notable technology largely depends on generational changes, millennials are currently seen as the backbone for the future of the blockchain technology and cryptocurrencies.
Altcoins Are Not With Bitcoin
While bitcoin seems to be gaining traction over the days, altcoins seem to be losing their edge in the same vigor. “Altcoins” is a term that is mostly used to refer to any other cryptocurrency apart from bitcoin. As of Thursday, ETH was down 1.1%, BCH down 0.7%, LTC 2.1%, and XRP down by 0.8%.
