Bitcoin (BTC) is stated to see the green end of the peak for the first time in nearly eight months since July 2018, which will certainly give a boost the entire crypto market.
Provided Bitcoin maintains it’s current course, the ‘Godfather Crypto’ is expected to finish February in the green zone, above the $3,472 mark at the starting of the month.
Since hitting a low of $3,350 on Jan.28, Bitcoin has recovered slightly, touching the $3,700 mark on Feb.08.
1 BTC token was valued at $3,631 at the time of writing, down 0.22% on the day’s trading.
Another Short Lived Consolidation Period For Bitcoin?
Bitcoin had previously achieved a six-week consolidation period after reaching a low of $3,164 on Dec.15 until Jan.27 this year.
This period was broken when the crypto’s value slided south of the $3,350 mark early on Jan.28.
Analysts are holding back on forecasting a long bullish run for Bitcoin, given how volatility rather than stability has dominated its market graph.
However, industry experts witness a much longer recovery phase for BTC in the latter half of 2019, which could be the result of a strong rally starting off mid-year.
At the present moment, the market mood remains slightly bearish.
A cryptocurrency investor and analyst said that Bitcoin’s green peak should re-establish investor morale and will encourage the crypto’s slow yet steady growth.
“If Bitcoin holds out between the $3,500 and $3,700 mark for a couple of weeks, it could propel the crypto community’s morale significantly.”
Bitcoin Holding Out At The Moment
Bitcoin hasn’t been subjected to a mad spike as yet but other cryptocurrencies included in the top-20 list have recorded large gains in the past week and a half.
As history beckons, whenever the market’s most dominant cryptocurrency performs well, other cryptos are bound to follow and generally remain in the green region of their trading graphs from a few days to a couple of weeks.
Recently, when Bitcoin touched it’s $3,700 mark, nearly all top cryptos recorded large gains with Litecoin up by nearly 35% on Feb.09.
Overall, expectations from BTC to perform well remain dimmed in the short-term with the bull market for the crypto expected to kick-off in the latter half of 2019.