LBX Market Report: Bitcoin Price Needs to Prove Its Worth Before Obtaining $6,000 BTC/USD
Everybody is optimistic about Bitcoin this month. The so-called Altcoin Season helped Bitcoin to increase its price and it looks like the bear market is finally ended. However, not everybody is so optimistic about the prospects for the future.
There is a small number of people who are still wary of the future and believe that Bitcoin can lower than it is right now. The London Block Exchange (LBX) is one of them. The company recently used social media to report that there was no reason to become over excited about the future.
It might have seemed like the crypto market pumped wildly this Easter, but total market cap is up just 3.4% since last Thursday. That's not bad at all, but it warrants a more careful look – especially given that $BTC just reached a yearly-high! https://t.co/twdpob4lFd
— LBX (@LBXSocial) April 23, 2019
LBX is a crypto exchange based in the U. K. Despite the bull trend in the market, the weekly report of the company affirmed that investors should be careful and that it was too early to simply declare today an “altcoin season” because the market was still highly unpredictable.
The crypto company affirmed that the altcoin rally which happened over Easter may seem like a false start, as the collective market was only up by 3.4%. While this may be a significant number, overall numbers are just 0.5% lower than the all-time high this year, which was on April 10. This means that despite the optimism, the market is not widely going up as some people see.
Most altcoins are now with a lower price than their highest this year, which is obviously not the sign of an impending bull run. Some tokens only went up, but others went down a lot, so the dawn of the altcoin season is simply not here.
Some people on the internet, however, do not agree. They criticized the crypto company for declaring altcoin season several times last year and deciding that it is simply not happening right now.
The report ended by affirming that Bitcoin will not breach the $6,000 USD mark anytime soon. BTC still has a lot to prove this year before the token can reach that price again. This was the level in which the token was last November before it fell down and the bear market reached its lowest point.
Nobody would deny that the bear market is really ended then, so it will be a show of strength from Bitcoin if the token is able to reach this price this year.