Stuck at $6,500, Bitcoin is in green but with little to no movement while a few altcoins are registering decent greens. It is expected of Bitcoin to break lower and end its consolidation phase. Meanwhile, crypto market participants are bullish on its future.
Bitcoin in Green at $6,400
At the time of writing, Bitcoin has been trading at $6,406.26 while registering 24-hours gains of 0.12 percent. The world’s leading cryptocurrency is managing the daily trading volume of $4.17 billion with a market cap of $111 billion.
Though it has moved up from today’s low at $6,360, for the past 3-months, BTC price is stuck at $6,500, oscillating between the $6k and $7k range. This has taken the volatility severely low, even lower than many national currencies like Turkish lira along with stock markets.
This extending lack of volatility is pointing toward higher chances of breaking lower. It will mean the consolidation phase will finally come to an end. Going upwards, BTC will find resistance at $6,480 and support at $6,242 when going downwards.
If we take a look at the earlier trends, the chances of going lower in the next few weeks for BTC are higher.
What does the Market Say?
Meanwhile, a few of the altcoins are enjoying the gains such as Stellar (XLM), Monero (XMR), and IOTA (MIOTA) that are up by close to 2 percent while NEM is up by about 14 percent.
Shapeshift CEO, Erik Voorhees shared his bullish views on crypto with, “When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can’t possibly ever pay it back, and thus must print it instead, and thus fiat is doomed… watch what happens to crypto.”
Amidst the experts and analysts calling out for a bottom for BItcoin, the CEO of the top crypto exchange Binance, Changpeng Zhao recently in an interview with CNBC’s Ran Neu Ner shared that,
“Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen… Sooner or later, something will trigger it.”
CZ further mentioned, “Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business.”
He also shared that they are constantly adding more users this year which was essential a bear market, except for the January highs. Moreover, the entry of institutions “may be a really strong trigger.”
Recently, Gabor Gurbacs, the director of Digital Asset Strategy at the New York-based investment management firm VanEck talked about Bitcoin ETFs, ”What sets our ETF apart is that it’s a physical bitcoin ETF. So, it stays true to the bitcoin you own in underlying. It’s fully insured so if there is any theft, hacks or losses, then the insurance covers it.”
Gurbacs further shared the potential of these ETFs, ”Our gold ETFs are already in a few billion dollars range. There are gold ETFs in the $10 billion range as well. I wouldn’t be surprised if a bitcoin ETF gets in a few billion dollars range.”
Ashutosh Singh from Computer science background is a full-time content writer at Coingape. His passion lies in writing and delivering apt information to users. Currently, he does not hold any form of cryptocurrencies. Reach out to him at [email protected]