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Bitcoin has been able to find some relative levels of stability in the upper-$5,000 region and has settled slightly lower today as it drifts towards $5,700. Despite this, over a seven-day period BTC is still sitting just below its highs, and it may currently be consolidating before it forms another leg up.
One interesting trend that Bitcoin’s positive price action over the past month has sparked is a decoupling, with multiple altcoins experiencing drastically different price action than that of the overall markets.
Bitcoin (BTC) Consolidates Within the $5,700 Region
At the time of writing, Bitcoin is trading down just under 1% at its current price of $5,730, down slightly from its 24-hour highs of $5,830 which were set late yesterday.
Over a one-week period BTC has been able to surge from lows of roughly $5,200 to highs of nearly $5,900, at which point the cryptocurrency incurred some selling pressure that sent it slowly drifting back down towards its current price levels.
It is also important to note that Bitcoin is up significantly from its one-month lows of just above $5,000 which were set in mid-April.
Analysts currently are expressing a somewhat bullish sentiment on the crypto markets, with Mitoshi Kaku, a popular analyst on Twitter, explaining in a recent tweet that he wouldn’t be surprised if BTC’s price hit $6,260 sometime in the near-future.
“I don’t have a problem with the price reaching $6260 next week, and if I have to put my finger on a date, Tuesday-Wednesday doesn’t sound crazy at all,” he noted.
I don't have a problem with the price reaching $6260 next week, and if I have to put my finger on a date, Tuesday-Wednesday doesn't sound crazy at all. Waiting… $BTC 1W #Gann #Coinbase pic.twitter.com/kH5UMZOk3K
— Joe Mitoshi 👨🏻🚀 (@CryptoSays) May 5, 2019
Altcoins Decouple From BTC
Although the past month has been overwhelmingly positive for Bitcoin, it has been mixed for altcoins, with some posting massive gains while others remain stagnant.
XRP is one example of a cryptocurrency that has missed out on the positive price action the markets have witnessed over the past month, as it only temporarily moved from lows of just below $0.30 to highs of $0.37 before it incurred significant selling pressure that sent it back down to the $0.30 region.
On a shorter time-frame, Ethereum has been incurring some bullish price action, and has surged 7% over the past 24-hours to its current price of $174. Despite this, over a one-month period, ETH is still down from its highs of roughly $183.
In a noteworthy tweet, Heisenberg Capital, a cryptocurrency-focused venture capital firm founded in 2013 by Max Keiser, explained that they believe altcoins will “die-off” as Bitcoin moves towards $100,000 in the coming years.
“We see the market rejecting everything, except BTC. This has been our dominant investing thesis since 2011. We’re doubling down on Bitcoin Maximalism with new capital. As BTC climbs toward our 2011 target of $100,000, we believe everything except BTC will die-off,” they explained.
https://twitter.com/heisenbergcap/status/1125104461465182208
As the week continues on and it becomes more apparent as to whether or not Bitcoin is currently consolidating, traders will likely garner greater insight into whether or not an upwards move into the $6,000 region is feasible at this time.
Featured image from Shutterstock.
