Crypto traders and investors are waiting for bitcoin (BTC) to break the $5,350 resistance that can make it spike above $6,000 level. Crypto trader by the name of Tyrion Coinister shared his views and said;
“$BTC shaking out all the weak hands. Support is turning out to be stronger than resistance. Getting over the $5350 hump will send us to $6K …”
Bitcoin has been above $5,000 level for a few days now but hasn’t been able to move above $5,350. Tuur Demeester, the founding partner at Adamant Capital, tweeted that the firm has released its research report for bitcoin that shows BTC is being heavily accumulated;
— Tuur Demeester (@TuurDemeester) April 18, 2019
Adamant Capital previously released its report regarding the asset back in 2012 and 2015. Now, as the asset is almost 1/4th of its all-time high, the report comes in as a reminder for the investor community, which is trying to gain as much profit from it as possible, that it’s just the warm-up, the big game lies ahead.
The report highlights that the asset is currently in its accumulation phase. Investors and whales are trying to gain benefit from its low price right now as the price is expected to increase much higher in the future. The report highlights that the accumulation range is expected to be from $3,000 and $6,500. As the accumulation period ends and the bull-run hits, it is expected by the report that bitcoin will become a multi-trillion dollar asset class. The report also finds that there are many parallels of the current market with the bear market of 2014-15, following which the bull-run of 2017 hit.
The crypto winter ended just a few days ago as bitcoin shot past the $5k mark lifting up the entire market along with it. But as per the report, this is just a spark for the flame that is yet to come in the future. A bull-run of bitcoin is being predicted by many experts in the game. Since markets have memories, people are holding on to their bitcoins in hopes of the market showing a bull-run again, just like 2017. But before such a trend is shown by the crypto market, it is also expected that developments and regulations will play a key role as they will bring institutional money into this space.
Previously, replying to the question regarding bitcoin showing another bull run like 2017 while talking to BlockPublisher, Forbes author and the co-founder of Raven Protocol, Sherman Lee said:
We will see another bull run come. Maybe not this year and maybe not the next. We have a lot of catching up to do in terms of the tech matching the network valuations of these tokens that are being released.
These are all hints to the investor community to hold on to their bitcoin, the asset is still not dead. Post-accumulation, we might see bitcoin rise to new heights as both technology and the legislation linked to it gets mature. But it is still a volatile space. Nothing can be said for sure, only time will tell how it all turns out.