It’s safe to say that Bitcoin has had a good Q1 2019, gaining upwards of 30 percent of its value since January 1st. Now, a new report has it that if the price consolidates above $5,000, this could lead to further increases throughout the year.
Bitcoin Price $5K Consolidation a ‘Positive Sign’
According to a new report by BitBullCapital, a cryptocurrency hedge funds manager,”the fact that Bitcoin has managed to retain gains from early April is a very positive sign.
Moreover, CEO Joe DiPasquale outlines that the bitcoin price 00 is seeing consolidation above $5,000. If this continues for another week or two, it could lead up to a shot at the $5,500 level.
Going further, the report reiterates that the latest BTC/USD rally was caused by a large order, which was executed simultaneously on multiple exchanges and was likely an algorithmic one.
Notedly, such a move should have been viewed with a certain skepticism as it’s not organic or steady in its nature. However, it brought back substantial market momentum, which is…