Respected crypto analysts have separately weighed in on Bitcoin (BTC) price lately, with one of them proclaiming that the much awaited bull run will happen once BTC touches $4,600, while the other hypothesized that the much-awaited market boom will happen in August.
$4,600 Is the Begin Of Bitcoin (BTC) Bull Run
DonAlt, a prominent cryptocurrency analyst and trader made known in a conversation with CCN that Bitcoin price must first reach the $4,600 mark before it kicks off for a bull run.
The crypto analyst who said that there is a newly discovered hope in the crypto market today, and that may be triggered by the upsurge in the price of Ethereum.
The noble trader, however, maintains his stand that Bitcoin has to break $4,600, go up to $5,000 and $6,000. Without that, he said we can’t say the ongoing crypto winter is over.
The crypto pundit aired that it is important for Bitcoin to break out of its present position before crypto analysts can confirm that the 15-month old bear market is over.
DonAlt said: “Volume isn’t what will convince me that the bear market is over, a bullish market structure along with a break of at least $4.6k (Favorably $6k) is.”
While the trader did not shy away from mentioning that some altcoins are pumping with the general market maintaining stagnation until today, he said the upsurge in the price of Ethereum has blessed the market and reinvented optimism in cryptocurrency.
He said: “There definitely is a newfound optimism in the market ever since ETH managed to double from $80 to $160.
August Marks The Beginning of Bitcoin (BTC) Bull Run: Tom Lee
Tom Lee of Fundstrat has reformed his Bitcoin price prediction. This time, the cryptocurrency analyst said that he believes BTC bull run could start in the next six months.
Lee, who once said he won’t be giving timeframe for crypto bull run again because his last year’s predictions did not come true, claimed August could see Bitcoin move from crypto winter to crypto spring.
“I think the key number to watch is the 200-day moving average,” Tom said, adding that “If Bitcoin holds above $4,000, it’ll cross its 200-day by August.
The analyst added that he thinks crypto will rebound in the next “five to six months” before the digital asset “starts to look technically like it’s back in a bull market.”
During the interview, Lee pointed accusing fingers at Bitcoin Cash’s combative hard fork of late last year that saw Bitcoin drop from $6,000 to $3,100, saying the hard fork war undermined investor confidence and the dynamics around the crypto world.