What’s going to happen with bitcoin in the coming months?
Bitcoin: A Lasting Conundrum
Many analysts are wondering what will happen with the father of cryptocurrency, commenting that it’s still “undecided” regarding what direction it will take. The currency first began to spike in early April following more than a year of heavy slumps and bearish activity, though the final five of those “slumping months” proved to be the worst.
In November of 2018, following a lengthy period of hanging around the $6,000-mark, bitcoin was struck heavily following a bitcoin cash hard fork that left many industry members polarized and fighting with each other like rabid dogs. The mess left bitcoin and many other cryptocurrencies in shambles, with the father of digital assets falling to the mid-$3,000 range. It ultimately stayed there for five months until recently.
One month ago, bitcoin surged by nearly 20 percent from this range, but many analysts still aren’t sure what’s going to happen, claiming that there aren’t any clear signs regarding bearish or bullish behavior. Joe DiPasquale, for example, is the CEO of cryptocurrency hedge fund Bit Bull Capital. He comments that for the past month, bitcoin has swelled and fluctuated between $5,000 and $5,500, and it’s likely to continue doing so for some time:
The market is still somewhat indecisive as to the direction it should go. Even though bitcoin has been rising in price steadily, we have not entered a bull run yet.
Marouane Garcon, the managing director of crypto-to-crypto derivatives platform Amulet, agrees with DiPasquale, stating that it was “very premature” to state that bitcoin had entered a bullish state. Regarding its present $5,000 range, he added:
It could be like this for a while. We still have yet to see a clear indicator of a bull market.
One thing that could potentially serve in bitcoin’s favor is that sentiment has performed a monumental shift over the last several weeks. Bitcoin went from being a scary thing to a positive thing once again. Following the sudden and unexplained rise, users have gone from worrying about the potential volatility to loving its benefits and structure.
People Are “Falling” for Bitcoin Again
John Todaro, director of digital currency research for Trade Block, comments:
Sentiment has shifted over the past six months. Twitter mentions for bitcoin and ether in late April hit their highest numbers since January 2019… National trading volume for bitcoin, across the largest U.S. exchanges, is set to reach its highest monthly levels since December 2018… Investors had been looking for excuses to sell, and now they are looking for excuses to buy… Negative news that has hit the space over the last few weeks, such as Tether solvency concerns, has had a much more dampened effect today than those same reports would have had six months ago when sentiment was lower.
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