Bitcoin just pulled itself out of a long bearish downside that lasted for months. People are excited, especially with reports of a looming major bull run abounding. These are exactly the times when regular crypto fans and traders look upon the market gurus for input.
Most of the high-profile people are still bullish about Bitcoin. The recent word comes from one Michael Nye, and his some kind of an express declaration. Michael Nye is the founder of Titan Ventures.
In a Twitter post, Michael Nye argues that Bitcoin won’t be dropping down to $4k levels ever again, signaling a bull run that’s bound to keep Bitcoin prices up for a long time.
My opinion: We won’t see #Bitcoin under $4k ever again. 👀
— Nye (@MrMichaelNye) April 10, 2019
$4k Is The New Bottom
In fact, according to some of the Twitter users and crypto enthusiasts commenting on Nye’s thread, the $4k price is now the de facto bottom for Bitcoin. To some, if Bitcoin has to drop from the current highs of the $5k range, it can only go down as far as $4,200. Those with this opinion think that Bitcoin is currently overbought, and that might cause it to recoil back to around $4,900 before it picks up the pace again.
However, despite the fact that Michael Nye’s opinion was a little exciting to some, there are still those who feel that he might not be entirely correct. One of such people is a user going by the twitter handle “Crypto Tyytan” who thinks that Bitcoin is actually due for one more fall before the bulls can eventually win the race.
I don’t exactly agree with this. I still believe we have 1 more dip until we see a full on bull run.
— CRYPTO TYTAN (@CRYPTOTYTAN) April 10, 2019
Another one said that Bitcoin needs to make a double bottom, and if that happens, then we see it under $6k again. According to another user, Bitcoin’s full adoption is still many years away, and that means that the bear market is still in play.
On the other hand, there has been lots of hype about Bitcoin going full bullish ever since it broke above the $5,000 mark a few days ago. Whether that talk will manifest in its true market form is yet to be seen, although it’s clear that most of the crypto bigwigs are currently inclined on the bull market.