Bitcoin prices rose in April. This is the third straight month its price has risen. According to CoinDesk price data, the cryptocurrency had some conspicuous increases early in the month with over 20% in 24 hours.

In this situation, a question will be arisen: what will the most prominent digital currency of the market do next?

‘Somewhat Indecisive,’ Market

Because bitcoin spent most of last month trading within a modest range, some experts claimed the digital currency has still not entered a bull market. According to Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital “The market is still somewhat indecisive as to the direction it should go,… Even though Bitcoin has been rising in price steadily, we have not entered a bull run yet.” There is no clear indicator of a bull market.
However, other analysts denoted to the positive of the market in April.

Improving Sentiment

Based on some data points: “Twitter mentions for bitcoin and ether in late April hit their highest numbers since Jan 2019,” “Google search interest for the term bitcoin hit its highest level since December 2018 …” John Todaro, director of digital currency research for TradeBlock said “Sentiment has shifted over the past six months,”

Bitfinex Situation

In spite of all these positive signs, investors should keep an eye on the Bitfinex/Tether situation. Bitfinex may be looking to raise capital to avoid any solvency concerns. If it is unable to accomplish, then Tether and Bitfinex could see greater [withdrawals] and redemption. And it could seriously affect to the digital currency industry.

Leave a comment

My Newsletter

Sign Up For Updates & Newsletters