Opinions

Bitcoin Crosses $4,000 – The Market Might be Moving out of the Red Zone Following the Spike

After a long period of continuous plunge and downfall, the market has finally started showing signs of growth. Bitcoin, the market’s leader plunged from a valuation of $6,400 to under $3,000 before Ethereum’s rebound started and the market started to regain its lost valuation. Yesterday, in particular, has been great for the crypto market. The market cap boosted from $131 billion to $138 billion almost in moments as shown in the graphs of coinmarketcap,

src: coinmarketcap

Following the surge of almost $7 billion in the overall marketcap, almost all of the cryptocurrencies have shown major signs of greens signalling the building of a positive momentum. Against the expectations of most analysts and market predictors, Bitcoin has crossed the resistance of $4,100 which is a huge positive sign.

src: coin360.io

Although the market is showing signs of growth since Christmas and the momentum is building, the analysts still have been bearish and are predicting that there might be another fall before crypto rises once again. Even the Ethereum rebound didn’t do much to change their opinions.

The crypto analyst, investor and enthusiast Sam Ball, taking to BlockPublisher, said that the market wouldn’t be stable, the investors should be ready to see more volatility this year. Similarly, showing bearish opinions, Anthony Parker the founder of Cuberoot64 believed that the market still has room for a lower bottom and a BTC rebound is needed here more than the current ETH rebound. He said,

The whole market will recover if BTC rebounds. Still expecting a lower bottom however.

Having an opposite opinion to this, Thomas Power, the crypto enthusiast was of the view that crypto was supposed to lose 50% of its valuation, which it did. BTC collapsed from $6,400 to $3,000, ETH also lost more than 50% and similarly most of the cryptocurrencies. According to Thomas, the collapse period is over and the Ethereum rebound would give confidence to the overall market. Talking to BlockPublisher he said,

The collapse is over the rebuild is 2019 real crypto growth is 2020-2022 when fiat collapses

Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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