Since the November 2018 crash from 6k, Bitcoin has languished in the 3 to 4k range. That is, until last week when the price surged from $4,000 to $5000. The 5k mark stuck and now BTC has taken the next leg up to $5,250. This move has finally brought some bullish sentiment back into the crypto space.
Optimism is in the air, with a notable increase in Bitcoin online searches, social media posts, content creation, exchange speculation and record CME Bitcoin futures trading. Added to that, from a technical analysis perspective, BTC has moved above the 200 day moving average, which is historically a very bullish sign. As this list of positive happenings builds, the chorus grows louder and louder, that this is the beginning of Bitcoin’s next bull run. Exciting stuff to ponder, considering that the last bull market saw Bitcoin reach an all time high of nearly $20,000 in December 2017. The return to that high and beyond is a day that many investors long for.
So can we say goodbye to the bear market and expect the Bitcoin price to continue moving upwards over the coming days, weeks and months? While there are growing signs that this may be the case, some still caution that Bitcoin has further to fall. Proponents of hyperwave theory believe that the price must decline to $1,000 or lower, before a climb to a new high can commence. While some Bitcoin maximalists take the view that altcoins, such as Ethereum, must die before the bear market can be declared over.
In my view, it is most likely that the bottom for Bitcoin is in, and these are the early stages of a new bull market. Bitcoin to the moon!
Bitcoin to the Moon is a blog dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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