With Bitcoin currently sitting around the USD 4,000 mark, early 2019 sentiment has a bullish feel to it with analysts hopeful for a surge after spending too long a time in bear terrain in 2018.
Around the exchanges, the feeling is largely upbeat with one expert claiming that it has been a lack of understanding that has held cryptocurrencies back, and now that the public sees they that are here for the long haul, digital currencies will be able to find more stability as more knowledge is disseminated regarding their use.
“Bitcoin’s daily sentiment score, which looks at the conversation over twitter over the last 24 hours vs. a 7-day rolling period has been positive throughout all of 2019 thus far… We saw that daily sentiment peaked on January 4th, and while it has fallen slightly, it has remained positive.”
Frank sees this auguring well for Bitcoin, given what he describes as the “historic correlation between Bitcoin sentiment and price”, arguing that cryptocurrency gains should follow. Another crypto watcher, Jon Pearlstone, publisher of the newsletter CryptoPatterns, is equally upbeat about Bitcoin’s new year prospects, suggesting that the hallmark digital currency is “showing multiple bullish signs” which should test the USD 4,500 level.
Pearlstone goes further: “Any strength on a test of the trendline would likely lead to a retest of key resistance at the USD 6,000, a level that held for months.”
As always, Bitcoin has taken altcoins with on its latest ride, with mostly appreciation all round so far in 2019. Frank again:
“There is a strong correlation between prices of all the major cryptocurrencies since the new year. 19 of the top 20 cryptocurrencies have a positive change in price this week, with the exception being Tether (-.12%).”
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