It seems like the string of bad news surrounding Bitcoin and other cryptocurrencies is slowly coming to and end revealing a light at the end of the tunnel for the market.
Over the past week, Bitcoin and other cryptocurrencies prices have been up relatively high, especially when you compare them to other recent prices.
Despite the obvious boom for the market last December and then a substantial fall as we entered the new year which continued into February.
Some analysts looking at the current boom in the market believe that there are a few reasons for this.
Alternate cryptocurrencies are achieving more independence from Bitcoin and its fluctuations in price.
Recently, we’ve seen many other cryptocurrencies slightly deviate from what Bitcoin dictates in the market. When we see Bitcoin jump in the market, we usually see Ripple and few other figureheads jump a similar amount at the same time. This has made the cryptocurrencies somewhat aligned.
Analysts also believe that, considering everything that has happened in the past week, the market could be well on its way for a bull run within the next few weeks. If you do intend to invest, some experts have recommended that you invest over time instead of investing in bulk all at once.
Michael Collins, founder and CEO of GN Compass says that after a four-month bear market, there are strong signs that we are heading towards a bull. He continues to say that:
“Bitcoin dropping to about 6600 on the 5th of this month [July] was probably the bottom for the year, it’s price will continue to climb and probably hit a peak of around 15,000 this year… Cardano is the most impressive so far.”
Collins’ outlook on the market is very optimistic and if anything, bullish.
Other experts say that investors are limited on time to get on the ‘cyrptocurrency train’. This is something investors will have to decide soon otherwise they might be to late. After hitting the $8500 level, we could see Bitcoin soon after, surging up to $10,000.
After having a tough past month, the last couple of weeks, have seen Ethereum recover nicely. After ETH jumped the $500 dollar hurdle there could be a bright future for the digital currency.