Next bull run? Here's what the community is saying about this crypto rally

19 Feb, 2019 | Updated: 19 Feb, 2019
by David Robb
Opinion
Next bull run? Here's what the community is saying about this crypto rally

The crypto market has seen one of the most positive 24h periods for a long time, and the community is expressing its thoughts on where we're heading next. Some are cautiously optimistic, while others are predicting the start of a new bull run.

The Bitcoin (BTC) price breaking the $4000 mark for the first time in months has had a significant psychological impact on the crypto space, and although the gains have slowed down in recent hours, the huge rally of yesterday has got people talking.

Read more: Bitcoin breaks $4000! And is now fighting to stay there or push higher

Many are seeing this as the start of some major long-term positive momentum, with a key BTC price resistance being broken twice this month. Influential Bitcoin figure Charlie Shrem seems to be calling the bottom, suggesting that those waiting for another dip before they buy in might end up getting left behind.

Meanwhile, popular crypto analyst Joseph Young claims that a bull market isn't about to kick in just yet, but there's definitely a reduction in selling pressure.

Investors may also be more aware that positive fundamentals are also incoming, with some institutional money on the way later in the year. Some are even pointing to the recent launch of JPM Coin as a possible cause of the price spike, although not everybody is convinced by this narrative.

Others are calling this as a new Alt Season, predicting that the influx of money into the market will benefit promising smaller cryptos more than BTC itself, driving its dominance of the market down.

Read more: Will BTC dominance fall below 30%? Crypto trader predicts Alt Season

Meanwhile, there are some sceptics who claim that investment in these micro-cap 'shitcoins' is bad for the space, and are urging caution against this rising tide of optimism. They believe that BTC may fail to test higher resistances, and ultimately fall back to trading at the lower prices from previous weeks.

Binance CEO Changpeng 'CZ' Zhao was typically calm about the situation, not wanting to get too bullish. Although he was pleased with the direction the market seems to be heading, he pointed out that crypto Twitter seems to be getting more excited now than it did back at the height of the 2017 bull run.

Read more: Where is Bitcoin and Ethereum going next? Is the next bull run in sight?Will Bitcoin recover in 2019?

WATCH: Is this the start of the new Alt Season?

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