April was a month where bitcoin $BTC and the cryptocurrency market price appreciation showed surprising strength, increasing the probability that December 2018 was the bottom of the bear cycle. All eyes are now on recovering the $6,000 - $6,500 range with conviction.
Today (May 8), bitcoin is trading on Coinbase at $5874. As of today’s date, I am expecting a surge upwards from the middle to end of May to confirm the bull market is underway.
Several catalysts are at play:
• Consensus Conference and New York Blockchain Week,
• regulatory approval for new institutional products and platforms pending,
• new slick media campaign by Grayscale hitting television and online to “Drop Gold” for Bitcoin, and
• momentum generated by strong performance on the weekly and monthly time frames.
Caution is in order surrounding recent enforcement activity by the New York Attorney General against major exchange Bitfinex, continuing concerns about the legitimacy and security of US Dollar “stable coin” Tether ($USDT) and a security breach at Binance exchange. To date the market has absorbed this negative news and events over the last week with remarkable resiliency demonstrating compelling evidence that we are in a bull market and/or crypto is maturing to the point where panic selling on bad news is less and less of a factor in how the market trades.
Total cryptocurrency market capitalization on 4/30 was approximately $173 billion, $BTC dominance increased to 54.8%.
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