Bitcoin’s price recently pierced through USD 8,000 for the first time since July 2018, could the bulls be trailing their steps back to USD 10,000 and beyond? Especially given that the first time Bitcoin hit USD 10,000 in November 2017, it had continued in an uptrend rally from around USD 6,000 and reached the hallmark within a month, similar to recent milestones.
As Bitcoin continues in a sustained uptrend for the most part of 2019, the months of April and May happen to stand out so far with as much as 55% gain in just 30 days. Overall, year-to-date price of Bitcoin has seen an upsurge of about 113%. The cryptocurrency market has seen as much as the addition of over USD 20 billion. Bitcoin currently trades along the edge of USD 8,000 as at press time.
Perhaps both the fundamentals and the technicals are on the sides of the bull trend, helping the flagship cryptocurrency crawl out of a prolonged bear market plague. Some analysts have pinned the onset of the bull run on such events as the next Bitcoin halving, Fidelity Investment’s recent announcement of its over-the-counter Bitcoin trading service to institutions, and likely spillovers from the US-China trade wars – as Head of International Fixed Income at National Alliance Securities Andy Brenner pointed out:
“If you were in China and you wanted to diversify, it would seem logical that Bitcoin would be a short term alternative.”
Although many onlookers are weary of the parabolic development of the price actions, however, there could be no better news for cryptocurrency hodlers – perhaps a few – who held out their breath to weather the fiery winter storm.
A few industry players have explained their side of the bull trend, with different entities coming forward to claim their role in the price surge. One of such is CEO of TRON Justin Sun, who claimed his Tweet about helping the recently hacked Binance exchange with the sum of USD 40 million USDT had reversed the slight downtrend from USD 5,900 to USD 5,700 upon news of the hack.
At least BitMEX CEO and Co-Founder Arthur Hayes thinks the bulls are here to stay, suggesting Bitfinex’s USD 1 billion raise in 10 days is enough evidence. He also recently celebrated a new trading volume record of over USD 10 billion in 24 hours.
A $1bn IEO raised in less than one month. Bull market is here, buckle-up buckaroos!! https://t.co/4DaZ0fNtXe
— Arthur Hayes (@CryptoHayes) May 13, 2019
And he’s saying too bad to those who shorted: “When you mess with the bull you get the horns!!!”
Regardless of the claims, one plausible explanation to the recent price surge is that the market is seeing more buyers than sellers and hence with fewer sellers in the market and a steady increase in the demand for the asset, a price surge is a better incentive to sway sellers to let go of their Bitcoins. Would sellers cave-in or let the bulls ride a while longer?
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