Forbes: Altcoins’ rally is over, BTC’s next resistance level is $6K

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Crypto analysts and traders are torn between believing that the recent rally will sustain or it is just short-lived, due to “unclear” cause.

The recent “bullish move” in the crypto market has triggered the opinion from many parties. Some of which, however, have been scratching their heads as the precise cause of the price rally remains a mystery.

Read more: Everything you need to know about Bitcoin’s price pump

Despite the fuzziness, there’s some sort of a belief that the $30 billion addition to crypto market capitalization at the beginning of the week was caused by “a major order place by an anonymous buyer” who didn’t want to miss out on the sudden price surge.

Read more: Bitcoin could hit $50,000 because of the “great wealth transfer”

According to Forbes, if the unknown cause is not fundamental, the likelihood of the rally to be just temporary or short-lived is huge.

Especially since several altcoins, such as XRP, Binance Coin (BNB), Stellar (XLM), Monero (XMR) and TRON (TRX) seem to have been running out of gas to maintain the rally, even their latest gains.

As of writing time, all the aforementioned cryptos are in red, except XRP. Even Litecoin (LTC) and Bitcoin Cash (BCH) that saw glorious days with massive gains are also in red.

That said, their current value is still above their price before the rally began.

eToro’s analyst, Mati Greenspan said that the recent rally hasn’t made a crypto bull market yet. “Price action has been bullish lately, but we need to see it sustained over a longer period of time to call it a bull market,” he said.

Moreover, he added, “Last night’s pullback is hardly discouraging though. It’s usual to see some sort of profit taking after a surge like that. The key question is how far the retracement will take us?”

“You can’t slay what was never really there in the first place,” Greenspan said.

In his other comments, Greenspan expressed his conviction that Bitcoin could easily hit $7,000, based on his Fibonacci calculation. 

Read more: Analyst on Bitcoin: “This leg could easily take us up to $7,000”

Meanwhile, many other traders and analysts believe that the recent rally is the beginning of a bullish market.

“Though some bears still remain, this move could signal that the majority of investor sentiment is now turning bullish. Breaking above the $5,000 psychological barrier means bitcoin’s next resistance level is due for recalibration,” Simon Peters from eToro said.

“The new resistance level of $6,000, where price held for months last year, is now in play. What happens next will be crucial. How price reacts to a retest of the $6,000 level will have a lasting impact on the mid- and long-term outlook for bitcoin,” he continued.

“Bitcoin is back,” said CEO of deVere Group, Nigel Green, who believes that the crypto winter has ended.

“I believe bitcoin will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector,” added Green, expressing his conviction.

Which prediction will come true? As always, stick with Chepicap for the latest update from the crypto market. 

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