- BTC/USD is rangebound above $5,300.
- The coin has demonstrated strong growth in April.
- Experts are cautiously optimistic about the perspectives of the market.
BItcoin (BTC) has been moving inside a narrow range since May 1. The first digital coin is dancing around $5,300 handle amid a thick fog of uncertainty created by Tether scandal. At the time of writing, BTC/USD is changing hands at $5,320, mostly unchanged both since the beginning of the day and since this time on Wednesday.
From the longer term perspective, Bitcoin enjoyed a 22% gains in April and finished the third positive month in a row for the first time since December 2017. This notable development has made cryptocurrency experts wonder about what to expect from the digital asset in the upcoming months.
While the overall perspectives look optimistic, some experts remain cautious, claiming that the green shoots are still young and vulnerable to headwinds.
“The market is still somewhat indecisive as to the direction it should go. Even though Bitcoin has been rising in price steadily, we have not entered a bull run yet,“ Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital noted, cited by Forbes.
This view is shared by Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet. He says that the market has not created clear signals of a sustainable bull market as yet.
Meanwhile, Tom Lee, the head and the managing partner of Fundstrat Global Advisors, believes that the crypto winter is over. He singled out 11 positive signals that proved the point.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.