And although we are not yet in summer, we are certainly in a crypto spring, says eToro senior analyst Mati Greenspan. In fact, the once shrivelled leaves of this most volatile of world markets now appear as verdant as the charts which have had a healthy green glow about them across this week. Bitcoin has been the first to show signs of full blossom with a rare foray above the $9,000 line on Thursday which certainly kicked off a frenzy across exchanges throughout the world. There was, however, some extremely robust resistance which stamped the $9k attempt firmly back down to below $8,300 by Friday lunchtime.
Mr Greenspan said: “The trend lines are showing us there is no more bear market.
“Winter is over and summer is not quite here yet.
“Right now we’re in spring, which is by far the best season – we are firmly in spring pretty much across the board.”
His comments certainly appear to echo the thoughts of many of the leading analysts who are charting what is undoubtedly a bullish sentiment for BTC and leading cryptocurrencies like Ethereum, Litecoin, Bitcoin Cash and EOS Token.
Ethereum reached an impressive $287 on Thursday afternoon.
It then suffered a similar knockback to bitcoin as it headed into the weekend at around $260.
Still, the trading volume looks strong, and both currencies look set to make another climb as they test resistance ceilings.
Despite Thursday evening’s bruising put-down, it should not be a surprise to see bitcoin haul itself from the canvas and have another bash at $9,000 across Saturday and Sunday.