Not really. The absence of significantly negative news doesn't correlate with confidence. The market is bearish. Volume isn't sufficient enough to spark a bull market and people are clinging to the hope of "institutional investors" to turn things around. People are hesitant putting fiat into cryptocurrency when it's essentially pegged to bitcoin with the remaining Mt. Gox. sell-offs looming. That and your average Joe is no longer putting money in after a lot of them were burned in January when they bought in at an ATH. There isn't the same mass-media hype as there was in Q4 last year to encourage new investors.
Will prices go up again? Probably, in all likelihood. But it wouldn't surprise me to see months of stagnation before it does. It might happen next week, but it amuses me when I see people on Twitter stating that we're going to see $20k bitcoin or $1k litecoin in June when there's no evidence pointing towards that. Even the Consensus BS was frustrating to read. But people still seem to buy into it. It's blind optimism.
Just because it's not in the middle of a bull run doesn't mean that there isn't confidence in the market. The market is still almost completely manipulated by whales and will be until crypto becomes more mainstream. The second whales start pumping money back into it and the hype returns, those average joes, and new average joes will jump aboard, just like in November/dec. By then though there will be easier avenues to purchase what they want instead of jumping through hoops, using shady exchanges, and waiting weeks to be verified.
Money predictions are always hilarious since nobody knows what is going to happen. Most of the time nobody knows why the price shot up or down. They are basically fun to look at but I would never put money into something because they predicted it will go up 500% in a month. Everything is still tied to bitcoin and will be for at least the near future.
It will absolutely go up, and likely A LOT. Everything is still in the baby stage. Who knows when but i'm extremely confident it's not a matter of if, but when it will explode up. (Could be August, could be a year from now, could be 5 years from now)
I'm buying more. This time last year we had a 33% overall marketcap decline from a high of 90 bn down to 60 bn.
