Bitcoin looks all set for a good month as bullish sentiment mounts amid optimism and various predictions of a serious oncoming crypto bull run.
Prior to the opening of the new month (May), things weren’t as impressive for the crypto market as they look right now. By all account, May posts an optimistic sentiment for the crypto market.
Last Week Was “Deadly”
In April, the Bitcoin as well as the larger crypto market woke up from a long bearish slumber, rekindling some strong bullish sentiments among crypto fans and the Bitcoin community.
Granted, Bitcoin’s price surge sent out a market-wide ripple effect that culminated into the price increase of numerous other altcoins including Ethereum.
However, the past one week hasn’t been exactly successful for Bitcoin as market volatility set in strongly amid some damaging reports of Bitfinex’s scandal.
Apparently, Bitfinex, a crypto exchange, misappropriated its customers’ funds without their knowledge. The news spread like bush fire, causing a stagnation and near-slump of the crypto market.
Bitfinex Gets Seductive
Things look better now as the market enters the month of May. Bitcoin’s price is bumping up back to around $5,300. In fact, the price is hanging at around $5,600 on Bitfinex as the exchange tries to woo customers and wash off the dirt from the scandal.
The Bitcoin Outlook
Bitcoin’s support within the crypto community continues to rise, with various major Bitcoin bulls predicting a serious bull run in the making. The latest bigwig to step up is Fundstrat’s Tom Lee.
According to Lee, the fact that Bitcoin hasn’t been adversely affected by Bitfinex’s scandal, and also the fact that it has mounted a quick recovery within days, indicates that it has finally gone fully bullish and that the crypto winter has come to a close.