The leading cryptocurrency is currently trading at $5,900 with 24-hours gains of 4.32 percent that today at one point recorded the highest level of 2019 at $5,960 on Bitstamp.
May is turning out very green for Bitcoin as it pumps from $5,150 to well above $5,900. However, despite this, it is expected that May will eventually turn into a red month as we previously reported crypto trader and investor Josh Rager predicting so. However, this will only be a small set back that would catapult BTC/USD into a bull rally.
What’s more interesting is the 4th straight monthly candle Bitcoin is working on. Bitcoin trader and investor, Bob Loukas points out this fact where he states, this “only occurs in the heart of a bull market.”
“My point here is that you do not see 3 or 4 green candles in a bear market! Just like you do not see 3 or 4 red candles in a bull market,” states Loukas who says we are not in a bear market because of those green candles.
We have already locked in three green candles that have never been seen in a bear market, observes Loukas which is an extremely positive sign for the crypto market.
However, he further shares this means May will end in red, “I bet we close May red” which would give us the confirmation that we are in accumulation of the next bull run.
Crypto trader Credible Crypto agrees with this as he explains we would be seeing $6k, going to the range of $6.2k only to see a slight pullback to $5.3k-$5.4k. But this won't be all as he says from here a major correction would occur that will take Bitcoin to $4.2k. And this move to $4k’s once we top out at $6,000-$6,500, Credible Crypto says will be an “epic buying op.”
He further shares that the first pullback between the range of $5.3k and $5.4k will “essentially be a long sideways correction” that will see altcoins run.
Currently, as Bitcoin's price surged over 4 percent, altcoins are also seeing greens especially Ethereum which has been up 10 percent.
Source: Coin360
As altcoins take a hike with a token named Japan Content Token out of nowhere coming at 68th spot and registering more than 550 percent gains becoming the highest gainer followed by ABBC Coin and True Chain with more than 24 percent gains, the total market cap rises to $188 billion.
Bitcoin’s price is $10,805.89 BTC/USD exchange rate today. The real-time BTC market cap of $199.96 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $3.38 Billion and live coin value change of BTC -0.08 in the last 24 hours.
