In the cryptocurrency world, there is plenty of uneasy momentum at this time. Not entirely surprising, as yesterday saw an unexpected amount of market momentum as well. Even the Bitcoin price seems uncertain as to which direction it should in. With a current value of just over $5,300, a very intriguing trend is taking place.
The current value of Bitcoin determines the momentum for all alternative markets. When Bitcoin gains value, alternative markets tend to follow suit, up to a certain degree. Today, there is a lot of uncertainty affecting all markets, primarily because Bitcoin’s future price direction remains difficult to predict.
Over the past 24 hours, the balance for Bitcoin looks far from impressive. There is a 0.47% gain in USD value, yet this only helps to bring the value to a hair over $5,300. It is entirely possible this level will hold this time, but that seems rather unlikely. The overall trading volume remains rather solid, though, which could offer some relief over the next few days.
On social media, there are plenty of debates regarding the future value of Bitcoin. It would appear Tom Lee, a well-known financial “expert”, expects to see a new Bitcoin all-time high by 2020. A very interesting opinion, although this user has been wrong on multiple occasions. As such, this information needs to be taken with a grain of salt.
Those traders who keep a close eye on the Bitcoin chart may not some interesting patterns emerging. Mr. Chief shares a very interesting chart which seems to indicate the bullish momentum might not relent. However, these charts can often work in mysterious ways, either for better or worse.
Although Bitcoin memes have become increasingly rare, CoinExchangeData sees this as a time to poke some fun regarding Bitfinex and Tether. Although this debate will most likely continue for quite some time to come, it hasn’t hurt the Bitcoin value all that much.
All things considered, the coming days will undoubtedly offer some market excitement. Whether the bears or the bulls will be in charge, is a different matter altogether. While it is good to see Bitcoin surpass $5,300 again, there are plenty of reasons to expect another dip fairly soon.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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