Analysts: “Bitcoin expects increased volatility”
After the Bitcoin rate jump at the beginning of the month, the price of the first cryptocurrency is in the consolidation phase. However, some traders believe that Bitcoin will soon reach $ 5,800.
Despite the fact that in recent days, the rate of the first cryptocurrency has slightly increased, the main resistance is at around $ 5,400. Bitcoin price is approaching this mark, but so far, it cannot break through the wall of orders placed by sellers.
The trader under the pseudonym XC expects that the course of the first cryptocurrency will make a new breakthrough above $ 5,700, and then, under the pressure of sellers, will decrease again.
"Seeing weak bearish moves all across the board here, think we get one more scam move up with a harsh peak around 5777,"he said on Twitter.
In addition, analysts and traders see the emerging "golden cross" in the price movements of the first cryptocurrency. If the formation of the figure is completed, then this can be a strong "bullish" signal for Bitcoin traders.
"$BTC. Golden cross trajectory now April 24. (Was previously April 25). Should be interesting. Lot of hype that this is the "bull run" signal. If I were a bear or bull whale, that's when I'd strike. Bull whale rides momentum of GC traders. Bear whale destroys their morale,"said the popular cryptocurrency analyst B.Biddies.
Most traders and analysts are inclined to think that one should not get used to the current low volatility of the first cryptocurrency - in a few days the market situation can change dramatically.
Recall that earlier the management of BitBullCapital, managing cryptocurrency hedge funds, expressed the view that the consolidation of the bitcoin rate above $ 5,000 is a positive signal for the industry.