The Tether/Bitfinex FUD hasn't deterred Bitcoin; can we finally break $6k?

28 Apr, 2019 | Updated: 28 Apr, 2019
by Will Heasman
Price Analysis
The Tether/Bitfinex FUD hasn't deterred Bitcoin; can we finally break $6k?

The latest’s piece of Tether and Bitfinex FUD making the rounds around the crypto industry hasn’t appeared to make even a scratch in the price of Bitcoin, which continues stoically above $5000, is this a good sign? What are traders and analysts saying about Bitcoins next move?

Tether is once again in in the crosshairs of controversy, this time targeted by an investigation by the New York Attorney General’s office, who accuse Tether and its native exchange, Bitfinex of defrauding NY-based investors after the firm dipped into their stabilizing cash reserves after losing access to $850 million.

The good news, however, is that this circulating FUD has barely made a dent in the price of Bitcoin, which continues to trade stubbornly around $5000, refusing to break below the 5k threshold even in the moments following the distressing news, only losing 5.8% before bouncing back to relative normality, currently trading at $5324 on Binance.

Chart provided by Tradingview

As venture capitalist Chris Burniske put it, this flaccid reaction to what could have been catastrophic news for BTC is overwhelmingly bullish:

What’s next for the # 1?

Let’s kick off with Burinske, who believes that BTC may need to see a further drop down to either 4k or its 2000 week simple moving average in order for bull season to really start:

Furthermore, a few pieces of analysis suggested that this correction may be incoming due to BTC dominance getting rejected at resistance. One analyst asserted that a correction following this rejection may even lead to a “mini alt season”:

One trader believes we could see $6.5k tested before any such correction:

Another popular analyst, known as The Crypto Dog, wasn’t as confident, suggesting that only daily closes above $5300 would hint to a push above $6k:

So, for the most part, the consensus still appears to be pointing to a highly anticipated correction for Bitcoin; and possibly even a mini alt season thereafter. However, when that correction will occur is anyone’s guess…

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