This weekend will be make or break for bitcoin

Clinging desperately to the high $3,900s it eventually ran out of steam and flopped down a steep hundred dollars before getting its breath back for another sudden surge early this morning.

It rose, taking Ethereum, Litecoin, Cardano, Bitcoin Cash and other stablemates with it. However, once again, BTC showed that it gets a little dizzy above $3,950 these days. A look back

through the market history books will tell us that bitcoin and many other cryptocurrencies are diving headlong into a critical weekend. On several occasions, we’ve seen weekends act like an

army assault course for cryptos – it goes in full of energy and vigour, but how it emerges out of the other side is entirely down to how good a shape it was in when it entered. On current

form, many might expect a solid performance this time around. Plenty of encouraging signals have been there for all to see – healthy green spikes, unexpected rallies, and surprise support.

But, on closer inspection, the army medics might want to question BTC’s cardiovascular strength. Has it got the stamina to last the course? Well, the answer to that lies in both the volume

and interest. Despite recent positive news – JP Morgan announcing its own foray into cryptocurrency, and also Samsung adding digital wallets to its new phones – there remains a widespread

apathy in terms of open interest. There’s still a huge amount of uncertainty around cryptocurrencies, and that is being reflected in market movement. It looks very much like were entering

the final rounds of a sluggish heavyweight contest between the bears and the bulls. As the volume and take-up erodes, it is akin to tired and fatigued boxers aiming those end-of-the-bout

powerless blows at one another that would do little to trouble a daffodil, let alone a 17-stone colossus. At some point, one of them will give in and the referee will raise the hand of the

exhausted winner. The crowd favourite here is undoubtedly the bull, but the bookies will have the bear down as their favourite. And, as everyone knows, the bookie always wins. If bitcoin

makes it to Monday afternoon without enough cuts and bruises to see a towel being thrown in from the corner it will be one of most admirable comebacks since Rocky Balboa flattened Ivan

Drago. COIN RIVET a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.