Market Analysis

Crypto bulls are still in charge but for how long?

The month of April has brought back some smiles and hope within the cryptocurrency space with Bitcoin leading the price movement. We are currently in a bull market and the crypto bulls are still in charge.

Crypto Bulls

At the start of the month, Bitcoin saw a 15% price spike leading the top cryptocurrency to test levels it lastly saw in November last year. This also had an impact on the entire market with other cryptocurrencies following suit.

As of press time, the top cryptocurrency is still on a bullish move with a 3% rise in price in the last 24 hours and almost a 30% increase in the past 7 days.

Other top cryptocurrencies like Bitcoin Cash, Litecoin and Ripple have also seen their prices steadily increase since the last minin bull run.

Ethereum is, however, leading the current movement as the cryptocurrency has gained almost 10% in the last 24 hours with an almost 30% gain in the past 7 days.

Cryptocurrency24 hours change7 days change
Ethereum 8.86%29.62%
Bitcoin Cash1.63%88.72%

Possible reasons why crypto bulls are still in charge

Bitcoin Halving: Accroding to analysts, Bitcoin’s price has always surged a year before bitcoin halving is set to take place.

When Bitcoin halves, the reward given out for mining each block gets reduced which means there will be less supply of “free” Bitcoins. Bitcoin analyst Peter Brandt predicts the current halving may see Bitcoin take another bull run towards $20,000.

It should be noted that the mini bull run was trigered by huge buy orders acorss multiple exchanges that saw a purchase of 20,000 Bitcoins reflecting 0.11% of all time Bitcoins.

FOMO: Whenever Bitcoin’s price makes a significant move like it did at the start of the month (adding over $1000 in 1 hour), many people turn to be triggered by the move and start pumping money right away into the market for fear of missing out (FOMO).

It is also reported that both google search and Baidu search for the word Bitcoin has been on the rise since the mini bull run.

As history has had it when the search for Bitcoin rises, the price also reacts positively as was the case in December 2017 when Bitcoin started rising till it hit its all-time high of $20000.

Current Bitcoin price predictions

Though the market is holding strong at the moment and the future of Bitoin’s price is rather optimistic, we havent seen very bullish price predictions.

Brian Kelly, one of the more prominent Bitcoin bulls and CEO of digital currency investment firm called BKCM LCC predicts Bitcoin will hit $6000 in the next Bull run.

“probably a reasonable target [for Bitcoin] is close to $6,000 for this move.” 

BitMex CEO, Arthur also sees the top cryptocurrency testing $10,000 again by the end of this year.

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Kinsley is an MSc student in Information Management and a blockchain consultant. He is a lover of big data with particular interests in disruptive technologies like blockchain technology and Artificial Intelligence.

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