After a long while of plunging and facing red days, Bitcoin has finally been able to bounce back into the $4,000 zone crossing the resistance levels. The currency which was previously stuck into the market’s bear run made it to almost $3,000 but with the Ethereum rebound incident, confidence has been blown into the market, bringing BTC back into the $4,000 zone and hopefully the momentum would stay positive.
Mati Greenspan, the senior market analyst for eToro was of the view that Bitcoin is finally in a better spot now, and “at the moment Bitcoin is consolidating”. Predicting the range for Bitcoin in the near future he told BlockPublisher,
The broader range is between 3k and 5k. Most moves within the range are just noise.
Upon asking if he believed that Ethereum’s rebound had a role to play in the market’s subtle rise, Mati replied,
Not quite. Ethereum’s rebound was a highlight in the shadow of bitcoins consolidation.
The market has recently faced an unfortunate incident of double spending and 51% attack on Ethereum Classic’s blockchain which might bring a little resistance in further growth of the overall market. The crypto enthusiast and the managing partner of Multicoin Capital, Kyle Samani was of the view that this incident would not pose a backlash on crypto’s regulation and as of now, despite little signs of red, BTC still manages to float above the $4,000 mark.
This might actually be the beginning of the momentum building for BTC and crypto in general. The crypto enthusiast, Thomas Power believed that the time for crypto’s downfall was over and the period of regaining lost valuations has started. He stated talking to BlockPublisher,
The collapse is over the rebuild is 2019 real crypto growth is 2020-2022 when fiat collapses.
Although the bulls of the market have come into action since the market has subtly started regaining the lost market cap, analysts are still predicting a lower bottom. Only time will tell what 2019 brings for crypto.