I guess part of this is optimism could be ascribed to the fact that Bitcoin is still the market leading alt currency and pretty much any movement - up or down - will attract a greater level of media interest and in turn ‘random’ speculators
But…moving on from that simplistic viewpoint I can see that BTC is currently at $5,320 which quite a few are predicting to be the start of a bullish surge.
For me to get excited, I’d like to see some bullish momentum continue for more than just a few hours (or days even) and then we can form a more reasonable analysis.
The fact that the alt currency market has been, and will continue to be, extremely volatile leads me to express caution; it’s a long hard road to re-assume the highs of $20,000!
To borrow directly from someone much wiser that me - Aristotle "One swallow does not a summer make, nor one fine day; similarly one day or brief time of happiness does not make a person entirely happy."
Diverting to a closely aligned subject matter, I was interested to note recent reporting that the China’s National Development and Reform Commission (NDRC) are pushing for a ban on the mining of crypto currencies as they perceive them to be “undesirable and a waste of valuable resources”.
This should be viewed as a worrying 180 degree turn of thinking by the ‘powers that be’ especially when considering the recent Chinese Shenzhen Court ruling in late 2018 that BTC was legal in the Chinese markets.
No doubt the boardrooms of Huobi Pro, one of the world’s top ten crypto currency exchanges by volume and coincidentally founded in China, will be sitting up and taking notice!