The bears were left in disbelief overnight, as the Bitcoin bulls started to show their true force. Any potential pullback at $6000 has been destroyed, with prices hitting as high as $6990 on Coinbase. Just months after Bitcoin had been written off by many, the mid-December lows in the low $3000’s seems a distant memory.
Whilst we still cannot presume a fully fledged bull run has commenced, the sentiment in the space is changing. After what has been a horrifying “crypto winter”, with many first time investors potentially been put off for life, those who have braved the cold, look like their patience and mental strength may well be rewarded.
Bitcoin’s dominance has been creeping up with this run, at time of writing currently sits at 58.41%, with reaction to the 60% a key area to watch out for. However, altcoins are beginning to rally, good news for holders, not so great for those still awaiting the ‘bottom”. Will Bitcoin reach $7000 over the weekend or will we see a retracement? Whatever happens, all we can be sure of is Bitcoin’s notorious unpredictability. After such a testing time for investors, perhaps it’s now time to start enjoying the ride.
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