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Home Cryptocurrency news Bitcoin

Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161%

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161%
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In a few short days, the crypto industry will touch down in New York City for the annual Consensus expo – a conference that brings together the greatest minds and companies across blockchain and crypto to discuss the future of the industry, hold discussion panels, and show off new products or make announcements. In the roughly two following each year’s conference in the past, Bitcoin and altcoins rose an average of 77% and 161% respectively, posting significant gains three out of the four years the annual conference has been around.

With the fifth annual Consensus just days away, and knowing that the conference can have a powerful impact of the growth of the market and industry, here’s what to expect from Bitcoin and its altcoin brethren following the event.

Last Year’s Consensus Brought Red to Crypto Markets, But What About 2019?

Those who entered the crypto market at the top of the 2017 Bitcoin hype bubble, never got a chance to enjoy the post-Consensus boost that Bitcoin and other cryptocurrencies get from the aftermath and excitement driven at the industry’s biggest annual event.

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In early 2018, before the bear market truly began to beat and batter investors still bullish on crypto, many pointed to the annual Consensus as one of the few things that could revive Bitcoin, next to “Wall Street bonus checks,” “Chinese New Year” and other reasons that since became memes across the crypto community.

One bad year and y'all ditch the Consensus Pump narrative ? pic.twitter.com/OfVVcMygER

— Rob "Crypto Bobby" Paone (@crypto_bobby) May 2, 2019

But the post-Consensus pump that never came last year, shouldn’t have become a meme. Investors were right to expect a boost after the three previous years resulted in a pump in Bitcoin price of 121%, 78%, and 138% respectively. In 2018, Bitcoin fell -28% in the months following the event.

Related Reading | Crypto Traders Split 50/50 On Where Bitcoin Price Goes Next: $6K or $4200 

Altcoins, which saw massive interest following the conference’s third year, with 552% growth, declined -40% in 2018.

Bitcoin to $9,500?

By taking an average of the growth data from the past four years of post-Consensus pumps, we can attempt to estimate the potential growth Bitcoin and altcoins might see following this year’s conference.

On average, Bitcoin price rose 77.25% in the roughly two months following Consensus, while altcoins rose an average of 161.5%.

At Bitcoin’s current price of $5,400, a 77% increase from here would take the price of Bitcoin to over $9,500 – a price the leading crypto by market cap hasn’t experienced since last May, before it was again swatted down by bears to retest support at $6,000.

Related Reading | Bitcoin Trader: Big Money is Net Long, Re-Accumulation Expected at $10K

That same support, Bitcoin is set to retest, this time as resistance in the following days if Bitcoin can keep up its bullish momentum. If that happens, and a strong break of $6,000 resistance occurs, the market could potentially rocket higher due to shorts closing, stops being hit, and an excess of capital currently sidelined FOMOing in at the first sign a bull market is back. This makes the potential for a 77% gain completely feasible, especially since Bitcoin price has pumped nearly double that following past years of Consensus.

Tags: altcoinsbitcoinConsensuscryptopost-consensus pumpreddit
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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