Bitcoin Broke $4k but Where to Now?
Sadly, Saint Patrick's Day has ended & we'll have to wait another year for festive green beer. On the bright side, the crypto markets were mostly green. Bitcoin reached a daily high of $4032 as per Binance's BTC/USDT charts.
Other cryptocurrencies have followed Bitcoins lead. Ethereum reached $142 & Ripple reached 0.32. While prices have tumbled slightly, the current trend seems to be a positive one.
This is not the 1st time that Bitcoin broke $4000 recently. Previous times that Bitcoin broke $4000; it was followed by a sharp drop. This makes it hard for some to declare that the crypto-winter is over. While Bitcoin breaking $4000 is great news for hodlers and indicates good things, the price can hypothetically drop as it has in the past.
Break Out or Fake Out?
Crypto markets can be much more difficult to analyze than traditional markets at times and there are many factors to consider.
It seems however that Bitcoin's new bottom is $3900, and prices of other cryptocurrencies will rise in accordance. The markets seem to be slowly rising. Currently it seems to be more of a break out than a Bart or fake out. Prices have risen steadily and have not shot up unexpectedly. This seems to be an indicator of a healthy growing market.
Where to Next?
Should this positive trend continue, it wouldn't be outrageous to say that we'll see Bitcoin trading at $5000 in two to three months. So far public interest hasn't waned, and most news seems to be positive, fuelling Bitcoin's slow rise.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado