As was somewhat to be expected, the current Bitcoin price momentum is not decisively heading in a specific direction as of yet. Yesterday’s dip has been negated for the most part, yet the overall unease remains. Thankfully, Bitcoin surpassed $5,700 once again, but it might not necessarily stay there for very long.
Bitcoin Price Direction Remains Uncertain
As the weekend almost draws to a close, traders are hedging their bets when it comes to cryptocurrencies, tokens, and assets. Since almost all alternative markets will derive value from Bitcoin, the world’s leading cryptocurrency needs to find a solid direction to head in. As of right now, that is not the case just yet. There is a sense of unease which can send the market in either direction pretty easily.
Over the past 24 hours, it would appear the Bitcoin price has recovered some of the recent losses. By successfully surpassing $5,700 again after this 0.62% increase, expectations are somewhat high. Sustaining this current level is a different matter altogether, although it would be a rather bullish sign. The year 2019 has been kind to Bitcoin so far, but that lucky streak can always run out.
Traders and speculators are sharing a lot of conflicting opinions on the current Bitcoin trend. Stew Bacca expects a massive drop to occur fairly soon, although it remains a bit unclear why that would happen exactly. Bearish predictions are nothing new in the cryptocurrency world, but this year, they hardly ever come true.
Quite possibly the biggest drop in $BTC is about to happen. This could be the one for #Bitcoin capitulation in 2019.https://t.co/OBXFuEf6Xc pic.twitter.com/5ByZldpaVW
— Stew Bacca
(@SheikYirbuti) May 5, 2019
Brezcasni, on the other hand, has very high expectations for the world’s leading cryptocurrency. This user opened a new long position on Bitcoin near the $5,651 level after it successfully bounced on the support line earlier. A gutsy move at this time, although one that seems to have merit under the current conditions.
Stopped at break even and opened a new long $BTC at this support. Even better! #bitcoin pic.twitter.com/MmHwlSNEpt
— Brezcasni (@ludikawboy) May 5, 2019
When it comes to trading wedges, Wolf isn’t too convinced Bitcoin’s current price level has any fighting chance. In fact, he expects a continuing downward trend for Bitcoin, which could prove to be very problematic in its own right. There has been a feeling BTC still needs to hit $2,500 for some time now, yet it remains to be seen if that is even a viable outlook.
#bitcoin lets trade wedges. I think this broadening wedge is gonna run. (meaning it will cancel out and continue downward) pic.twitter.com/TLmFBgSpMf
— wolf (@ImNotTheWolf) May 5, 2019
When looking at the bigger picture, there is no real indication as to what comes next for all markets. Everyone would like to see bullish momentum, yet there isn’t much that would trigger another leg up for Bitcoin. With a new week just around the corner, things will undoubtedly get interesting for some traders.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
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