May 20, 2019 08:00 UTC
May 20, 2019 at 08:00 UTC
Bitcoin Prices Climb Past $8,000 After a Huge Dip Due to Market Correction
Bitcoin prices have got back to the $8,000 mark after it fell by over a $1000 on Friday owing to a market correction. Bitcoin prices have been a subject of speculation ever since the prices start to climb up from the beginning of April. Many analysts have been quite adamant that the current bullish rally is short term, and the market is set to see another bottom before bulls can take a long term charge.
However, there are quite a few who believes that the market has already seen the bottom and we are in the beginning phase of the bull run. Thus, the dip in prices towards the weekend almost proved the analysts calling for a market impound correct, however towards the end of the week, the prices again climbed back to the $8,000 mark to keep the bullish sentiments growing.
The Rise Might Slow Down, However, it Won’t come to a Halt
Bitcoin prices have been on a bullish run for more than a month and a half now, and thus the recent correction did not come as a big surprise even to those who were quite bullish on the rise. This was the second occasion after the $6,000 mark that the speculation of another bottom has come up. Analysts suggest that the prices might not peek with the same speed as it was doing up until now, however, it won’t come to a halt either.
Many in the crypto space believe that the markets have matured tremendously since the last peak in 2017 so we won’t witness a pump leading to a 40% rise for sure, but the sentiments are bullish in the long term.
Bitcoin Halving is Not Very Far
It has been a common observance that the prices of Bitcoin really starts to pick up leading to the Bitcoin Halving. We are currently less than a year from the event when the mining reward per block gets reduced from the current 12.5 BTC to 6.25 BTC. History shows that the first Bitcoin halving resulted in a 40,000 percent jump, where Bitcoin prices jumped from $2.55 a year ahead to $1,000 a year later.
The second halving was not as extreme as the first one, however, it still led to a pump of 1000 percent, taking the prices from $268 to $2,525.