Bitcoin has been able to find some relative levels of stability in the upper $ 5000 region and has seen itself somewhat lower today as it goes against $ 5,700. Despite this, over a seven day period, BTC remains just below the heights and it can currently consolidate before it forms another movement.
An interesting trend that Bitcoin's positive price effect over the past month has triggered is a relaxation, with several altcoins experiencing drastically different price effects than for the overall markets.
Bitcoin (BTC) Consolidates Within the $ 5,700 Region
At the time of writing, Bitcoin is trading just under 1% at its current $ 5,730 price, down slightly from its 24-hour $ 5,830 highs late in the day .
Over a week's time, BTC has been able to increase from a decline of about $ 5,200 to a height of nearly $ 5,900, where point cryptocurrency incurred some sales pressure that slowly pushed back down to the current price level.
It is also important to note that Bitcoin is up significantly from a month's decline of just over $ 5,000 whi Ch was set in mid-April.
Analysts are currently expressing a somewhat haughty view of the cryptic markets, with Mitoshi Kaku, a popular analyst on Twitter, explaining in a recent tweet that he would not be surprised at the BTC's price hit $ 6,260 once in the near future.
"I have no problem with the price when I reach $ 6260 next week, and if I have to put my finger on a date, Tuesday's Wednesday doesn't sound wrong at all," he wrote.
I have no problem with the price when I reach $ 6260 next week, and if I have to put my finger on a date, Tuesday's Wednesday doesn't sound wrong at all. Waiting … $ BTC 1W #Gann #Coinbase pic.twitter.com/kH5UMZOk3K
– Mitoshi Kaku 👨🏻🚀 (@CryptoSays) ] May 5, 2019
Altcoins Decouple From BTC
Although the last month has been overwhelmingly positive for Bitcoin, it has been mixed for altcoins, with some posting huge gains while others remain stagnant.
XRP is an example of a cryptocurrency that has missed the positive price trend the markets have seen over the past month, as it only temporarily moved from lows of just under $ 0.30 to highs of $ 0.37 before It incurred significant sales pressure that sent it down to the $ 0.30 region.
In a shorter timeframe, Ethereum has undergone some bullish price developments, increasing 7% over the last 24 hours at the current $ 174 price. Despite this, over a month, ETH is still down from $ 183 highs .
Heisenberg Capital, a cryptographic course-focused venture capital firm founded in 2013 by Max Keizer, explained that they believe Altcoins will "die-off" as Bitcoin moves toward $ 100,000 in the coming years.
"We see the market rejects everything, except BTC. This has been our dominant investment mission since 2011. We double down on Bitcoin Maximalism with new capital. When BTC climbs towards the 2011 target of $ 100,000, we think anything but BTC will die, "they explained.
We see the market rejecting everything except BTC.
This has been our dominant investment mission since 2011.
We double down on Bitcoin Maximalism with new capital.
When BTC climbs towards our 2011 goal of $ 100,000, we think anything but BTC will die.
– Heisenberg Capital (@HeisenbergCap) May 5, 2019
When the week continues, and it becomes clearer whether Bitcoin is currently consolidating or not, traders will likely gain greater insight into a $ 6,000 upward shift the region is possible now.
Featured image from Shutterstock.