Trader: Bitcoin Bull Market Won’t Arrive Until Price Shatters $4,600
Crypto trader DonAlt explains why the bitcoin price needs to clear $4,600 before it has truly entered a bull market. | Source: Shutterstock
In the past seven days, the valuation of the crypto market has increased from $131 billion to $137 billion as the Bitcoin price slightly recovered to $3,960.
Bitcoin Stagnancy Shows No New Money Entering Crypto Market
The minor movement in the price of bitcoin despite the significant surge in the price of alternative cryptocurrencies suggest that existing money in the cryptocurrency market is moving – but new money is not flowing in.
Speaking to CCN, a cryptocurrency technical analyst known as DonAlt said that there exists a newfound optimism in the cryptocurrency market which may have been primarily triggered by the spike in the price of ethereum.
Join CCN for $9.99 per month and get an ad-free version of CCN including discounts for future events and services. Support our journalists today. Click here to sign up.
But, until bitcoin breaks $4,600 and makes its way towards $5,000 to $6,000, the trader said that it’s difficult to conclude the bear market is over.
Crypto Market Sentiment is Improving. Why is Bitcoin Stalling?
In recent weeks, prices of many crypto assets and tokens in the likes of litecoin and enjin coin have surged substantially against both bitcoin and the U.S. dollar, recording gains in the range of 20 to 100 percent.
Still, the price of bitcoin has remained in the tight $3,800 to $4,000 range,