HAS THE CRYPTO MARKET TURNED LONG-TERM BULLISH?
Over the past 48 hours, the market capitalization of crypto currencies has been staggering: cash injections totaled more than $ 17 billion. This may be an exciting early indicator that the pendulum of market sentiment has again turned in favor of traders with a bull. The market is currently valued at $ 246 billion, if it can maintain this positive momentum and cross the $ 250 billion mark, it could be a strong sign of a return.
The crypto currencies market has been below the $ 250 billion market cap since last November. This will signal the end of a 7-month decline in market capital and take long positions for a new life. Bearish sentiment has been in effect since July of last year, when Bitcoin launched its 2019 Reached maximum annual maximum of $ 14,000. But now Bitcoin is up 5% per day and is approaching $ 9,000.
If the total market capitalization of the cryptocurrency can exceed $ 250 billion, for the first time since June last year, we can see a higher capitalization.
This may be a hint of an explosive breakthrough in anticipation of the planned reduction of bitcoins in May.
BITCOIN ANALYSTS CAN’T SEEM TO AGREE ON WHAT STAGE OF THE MARKET CYCLE WE ARE IN
Bitcoin is a very small, growing market with high volatility, so it is always not easy to predict the price. Last week, cryptocurrency analysts predicted a bearish decline, as expected due to the annual decline in price and volume that was observed during the Chinese New Year celebration. However, these forecasts turned out to be not as expected, and Bitcoin continued its best January since 2012.
In another forecast from last week, several prominent traders, including the legendary Peter Brandt, predicted that the expected decline in China's New Year would not happen and the market could turn bullish. It still looks like they might be on to something.
If the bitcoin market can continue its upward momentum and overcome the $ 250 billion mark, this may be confirmation that traders should confirm their suspicions. The upcoming ghost of the Bitcoin upheaval may have an imperceptible effect, as institutional investors charge cheap BTC because it fluctuates in the accumulation zone from $ 6,000 to $ 8,000, reported by Tuur Demeester from Adamant Capital.
If we see the cryptocurrency market recover from a 7-month downturn, we can expect some fireworks and traders will set themselves up to stop mortgages around the bitcoin side.