Bitcoin has made its biggest 1-week climb since, it seems, forever. With the bitcoin price reaching a 2019 high, the cryptocurrency community is ready for a sustainable bull-run. But what is the industry saying about the current cryptocurrency market?
We’ve compiled some sentiments from the cryptocurrency community about bitcoin in the last week. Read on for details!
Bitcoin Unlikely to Lose Momentum Just Yet
DonAlt, a cryptocurrency trading influencer said on Twitter that bitcoin still has room to grow before any retractions in price:
“$BTC consolidated for 150 days at 6000 before breaking down. Once it did, it went down more than 50% in a month. $BTC consolidated for 130 days at 4000 before breaking up. We’re currently up 25%. I don’t really see the rush to short. Even if we get rejected it’ll take a while.”
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Institutional Money Longs bitcoin
According to an article from Bitcoinist, the Chicago Mercantile Exchange (CME) showed an 88% increase in long bitcoin futures just before April 2nd. And the number of short positions on bitcoin also decreased by 63& during this time. This date is coincidentally the same day that bitcoin surged from $4,100 to its high of $5,300. Do you think the bitcoin price has anything to do with institutional interest?
Cryptocurrency Community Also Signal at Bitcoin Bottom
The latest bitcoin price analysis from NewsBTC also hints at a positive trajectory for bitcoin in the near future. When asked about the future of bitcoin, Travis Kling, a prominent influencer in the cryptocurrency space responded with bullish sentiments:
“In the 7 weeks leading up to April 1, the chances we would retest the lows of mid-Dec diminished significantly
The price action in the month of April, beginning with the massive move up April 1, essentially put the nail in the coffin for new lows. A retest is now highly unlikely”
Jack Dorsey Still Bullish on Bitcoin
According to another article on Bitcoinist, Jack Dorsey, the CEO of Twitter has been purchasing $10,000 worth of bitcoin every week. This article continues with how Jack Dorsey is contributing to the cryptocurrency and blockchain space:
Dorsey also plans to contribute to the development of the cryptocurrency ecosystem announcing that he will hire developers to work on open source crypto technology projects. What’s more, the Twitter chief says he will pay the people who work on these projects in Bitcoin.
Will Bitcoin’s Price Changes Affect Altcoins?
It’s no secret that the general movement of altcoin prices have had a correlation with bitcoin in the past. However, should altcoin prices be determined by the legitimacy and success of its underlying project, or the movements of the market? This is examined in this article from NewsBTC.
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