Since Last Year’s New York Consensus Event, Bitcoin Has Grown 77% While Altcoins Up 160%
In just 10 days we have one of the biggest events in the crypto ecosystem, Consensus expo held in New York City. The event is designed to be a big tent for the industry: it convenes industry participants ranging from enterprise consortia to cypherpunks.
This convening power breaks down the barriers that separate companies in the industry and allows everyone working on the technology to spend three days learning from their peers. They have attracted every major company, developer, founder, and investor in the cryptocurrency and blockchain world to engage in an annual discussion about the future of the industry.
Traditionally the event is followed by a minor pump in value of Bitcoin, however, it was not the case last year. In fact, since the event in 2018, Bitcoin has grown by 77% and AltCoins at an average of 161%.
“We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus,” Tom Lee of Fundstrat Global Advisors said prior to this week’s Consensus conference in 2018.
Crypto Bobby breaks this down on Twitter.
One bad year and y'all ditch the Consensus Pump narrative 🙃 pic.twitter.com/OfVVcMygER
— Rob "Crypto Bobby" Paone (@crypto_bobby) May 2, 2019
As you can see, prior to 2018, there was a pump in Bitcoin price of 121%, 78%, and 138%. Clearly, last year was an outlier. Regulatory uncertainty at the time was the main reason for it.
If the same trend continues this year, we can expect similar returns as 2017 or prior. Considering that is the case, Bitcoin has the potential to reach close to $10,000 this summer. The fact that Bitcoin is in the middle of a bull run and has crossed the $5,700 mark. This marks a 5-month high level.
This reinforced the bullish view put forward by the cryptocurrency’s recent bounce from the 30-day moving average and April’s bullish close above the 21-month exponential moving average. It is on the way to break the psychological resistance of $6,000.