Bitcoin market update: Time to settle above $5,000 again
|BTC/USD is back above $5,000.
More consolidation may be in store.
Bitcoin (BTC) reached new multi-month high at $5,348 during late US hours on Wednesday. At the time of writing, the first digital coin is changing hands at $5,039, mostly unchanged since this time yesterday.
The cryptocurrency market has recovered strongly within recent days, however, some financial experts don’t buy into the rally. According to Peter Mallouk, certified financial planner and president of wealth management firm Creative Planning, the upside trend will be short-lived.
“What we’re going to see, most likely, is, we’re going to see cryptocurrencies collapse,” he said.
Mallouk says that the vast majority of coins will sink into oblivion as they are not true investments.
Ïf you buy cryptocurrency, “you get no income. It’s not a real investment. It’s speculation.”
Looking technically, BTC/USD is supported by $5,000, followed by $4,924 (SMA50 1-hour). On the upside, the recovery may be limited by $5,089 (double high of April 2 and April 3).
BTC/USD, 1H chart
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