Crypto Community Consensus: Bull Market Won’t Arrive if Bitcoin (BTC) Price Doesn’t Clear $4,600
During the last few days, Bitcoin (BTC) and digital currencies behaved in a positive trend compared to previous weeks and months. Thus, there are several individuals that are very excited about the future of the space and how Bitcoin will be evolving in the upcoming days. However, there is a trader that says that the bear market will not be over if Bitcoin does not break above $4,600 and reaches $5,000 or $6,000.
In the last weeks, several altcoins and digital assets have been performing very positively against Bitcoin and the US dollar. Some of these coins registered gains between 20% and 100%. However, the price of the most popular digital asset remained in the same price range ($3,800/$4,000).
According to the cryptocurrency analyst, DonAlt, volume does not show him that the bear market is ending or that it is already over. He indeed said that it is interesting to have several altcoins that are currently pumping. About it, he mentioned:
“Volume isn’t what will convince me that the bear market is over, a bullish market structure along with a break of at least $4.6k (Favorably $6k) is. It’s interesting that we’ve had so many altcoins pumps while the general market cap hasn’t really changed. That makes me think there is very little new money coming in.”
At the same time, he said that Ethereum’s price increase from $80 to $160 generated new optimism in the market, including altcoins.
If we have a long-term view of the cryptocurrency market, things remain bullish for the future. There are several experts that believe that in 2020 the market will be growing at a faster rate. The analyst said that he is very optimistic about virtual currencies on a macro scale in general. For him, the market is trying to turn direction and it could be able to start a rally in the near future.
At the time of writing this article, Bitcoin is being traded around $4,043 and it has a market capitalization of $71 billion.