As you all know by now, the latest cryptocurrency news show the price of Bitcoin spiking from around $5,300 to over $5,800 in less than 48 hours. For many analysts, this bullish run is a sign that it is maybe time to buy Bitcoin or stack up more Bitcoin as the market gains are continuing.
In fact, the total cryptocurrency market cap has surged and gained more than $7 billion in a single day. In the altcoin news, major cryptocurrency assets including Ethereum, Litecoin and Bitcoin Cash recorded gains from 4% to 8% while the main show went to Bitcoin. Now that it is time to buy Bitcoin, the momentum of the crypto market is fueled.
The abrupt recovery saw a lot of analysts sharing their thoughts on Twitter and sharing their outlook about the current situation – all while going viral on many best cryptocurrency news sites. According to Crypto Rand who is a widely recognized crypto trader and technical analyst, now may be a good time for buying Bitcoin:
“For me, there is no fundamental reason behind. The Tether situation caused a dump that was recovered in no time. But even that dump stopped in the uptrend range channel support without causing major damages to the macrostructure. My perspective about it is clear. All relays on TA. It was looking pretty bullish since two weeks [ago].”
He concluded that “Bitcoin looks solid and bullish pennant is on the making” clarifying that it is time to buy Bitcoin and that BTC may reach $6,000 real soon.
According to another analyst named Vinny Lingham (and a member of Multicoin Capital), Bitcoin surpassing the $6,200 to $6,400 range would signal the official bull market. But even despite that, it is definitely time to buy Bitcoin. Lingham stated:
“The key indicator for the start of a sustainable bull run is likely a decoupling of asset values from Bitcoin (i.e. Bitcoin’s strength weakens other networks or vice versa). Anything else is just speculation again (maybe we need another bubble to learn more lessons?
‘So, is it about time to buy Bitcoin?’ – you are asking yourself.
“That said, if we can break $6,200 for BTC, it will likely mark the start of another major bull run and could run hot and high, but if it’s pure speculation and other assets benefit disproportionately to value created, it’s likely not going to end well again,” Lingham concluded.
If you are new to the market, now may be the best chance to benefit from Bitcoin’s potential.
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