We won't see a new bull market until BTC breaks $4,600, analyst says

16 Mar, 2019
by Richard Allen
Opinion
We won't see a new bull market until BTC breaks $4,600, analyst says

The crypto market has shown promising signs over the last week or so, bringing the total market cap up from $131 billion to $137 billion as Bitcoin trades above $4,000.

However, Bitcoin’s relatively minor movement compared to the altcoins may suggest that existing money is moving around in the crypto market rather than new money coming in.

Speaking to CCN, crypto technical analyst known as DonAlt says that new optimism in the market is likely what lead to Ethereum’s price spike. However, the analyst added that we can’t conclude crypto winter is over until Bitcoin crosses the $4,600 threshold and moves towards $5,000 and $6,000.

The past several weeks have been characterized by substantial growth from several alternative cryptocurrencies. Crypto.com Chain (CRO), for example, led this week’s winners after surging over 433% in seven days.

Read more: Altcoin season is back: these are the 10 best performers right now

Bitcoin has been less gallant in its price action, remaining well within the region of $3,800 to $4,000 for some time now.   

Chepicap recently reported that Bitcoin levels are nearing levels last seen in April 2018, DonAlt stated that he isn’t concerned about the volume, instead stating that we can’t all an end to the bear market until BTC surpasses $4,600.

Read more: Bitcoin volume is getting close to levels not seen since April of 2018

“Volume isn’t what will convince me that the bear market is over, a bullish market structure along with a break of at least $4.6k (Favorably $6k) is. It’s interesting that we’ve had so many altcoin pumps while the general market cap hasn’t really changed. That makes me think there is very little new money coming in,” he said.

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