The cryptocurrency industry is almost always awash with all kinds of forecasts and predictions about the market state or the possible performance of some individual coins. Generally, April has been a pretty interesting month in the sphere as the month started with Bitcoin increasing to surpass $5,000 – its highest after months of downtime – and somewhat dragging the altcoins with it as a lot of them recorded certain increases in value.
Due to the general upsurge, many people have made a million and one forecasts about the possible rise or drop of the various assets, setting different peaks for the year. Some forecasts are so generous that they see Bitcoin hitting $50,000 before the year runs out.
Others are not as generous but are hopeful that the recent activity might be signaling an end to the crypto winter that has plagued the market for a while. In all this excitement, some stakeholders have warned that a conclusion like that might be premature and one of such is the London Block Exchange.
The LBX’s ‘Sunset Bullevard’
In a report called the “Sunset Bullevard” published on the 23rd of April, the cryptocurrency exchange service has expressed some reluctance and warned people about completely trusting that the current bullish pattern would be sustained.
LBX has said that it is true that many coins are doing good numbers at the moment but “those who climb fast fully retrace afterward and the only thing that has mattered so far in 2019 is consistent growth.”
According to the report, the excitement birthed by recent crypto stats might not be so high if people realized that not only did the increase in the market cap stand at a low 3.4%, its also still a little lower than the year’s all-time high. This shows that the rise came from a considerably low position and even though the rise is good, there’s still a lot more road to cover.
The ‘Sunset Bullevard’ also seems to agree with a report written by author and analyst @cryptorangutang who also didn’t think there was or would be an “altseason.” According to a tweet from @cryptorangutang:
Almost one month since the article, a lot of alts fully retraced, some continue to bleed. It’s funny to see the same people who misscalled the alt season for the 10th time in the last year NOW deciding it’s not happening and “reducing alt exposure”
Moar TA on BTC dominance pls
— #DYORangutang (@cryptorangutang) April 22, 2019
On Bitcoin’s Performance
Furthermore, the report says a little about Bitcoin. BTC recently hit $5,650 which is the current highest of the year for the asset. However, the regular pattern where all other altcoins move up and down with Bitcoin might be discontinuing as a significant 48 of the top 50 altcoins lost value against Bitcoin leaving only two standing relatively firm.
Also, the report notes that even with the bullish movement, it’s unlikely that Bitcoin would surge through the $6,000 mark any time soon. This is because Bitcoin has to “prove its worth at the current level” as this level is where it was late last year before the coin started to drop again. Generally, the LBX advises caution.