May 9, 2019 07:00 UTC
May 9, 2019 at 07:00 UTC
It’s a Bull Run!
The cryptocurrency market is finally started to see a significant surge in prices starting in April and since then Bitcoin and major other altcoins have made double-digit gains, breaking key resistance levels and peaking new highs. The sentiment in the market is quite bullish too, and it is getting stronger by the day as Bitcoin continues to break the key resistance levels with the last one being the $6,000 mark.
However, the longest crypto winter in 2018 right after the 2017 massive rise have made many analysts and crypto bulls cautious about their price predictions. After Bitcoin peaked a price of around $20k, analysts went overboard with their predictions and believed that Bitcoin would double upon their 2017 price in the following year.
With all predictions going downhill in 2018, analysts and biggest of crypto bulls have refrained from making similar predictions for 2019. While many analysts are optimistic in the long run, but in the short term, they believe that Bitcoin would be able to break past $10k figure towards the end of the year.
The Dilemma Over the Bull Run
The crypto market has been bullish since the start of 2019, but up until April 2nd price rally whatever small gains that the market made were almost immediately neutralized by a market pullback, which also prompted many analysts to predict about another bubble cycle before the bulls take full charge.
The price rally starting on April 2nd was different from previous price rallies in 2019, because not only the market made significant double-digit gains, it held onto those gains breaking months-long key resistance levels. However, even after such a massive surge, trading volumes being near 2017 peak, there is a difference of opinion whether the market has hit the bull run.
Many analysts are still sticking to their earlier predictions claiming that another bottom is near before the market bounces back to see new highs in prices. While there are selected few analysts who say that the market has already experienced a bottom towards the end of December 2018, when the prices were around $3,200 and the current market is the bull market.
Those who believe that the bulls are here point towards the trading volume charts, which are nearing 2017 peak and also notes that current rallies show every trait of a bull run, be it minimal pull back after every key resistance level breach or the speed at which the market is recovering from the losses of 2018 bear markets.
Why There is More Probability That We have Hit the Bull Run Than Otherwise
One great indicator that we have hit the bull run can be concluded from the recent hack on one of the most popular and biggest crypto exchange Binance. The hack on Binance resulted in the theft of $40 million worth of Bitcoin. This news should have had a devastating effect on the price as it has been the case in the past.
Crypto markets are highly volatile and often a piece of good news can take the price of a crypto token to new highs while a bad press can plumb the prices as well. However, it is interesting to observe that after a narrow correction in prices of Bitcoin after the news broke out, the market not only got back in green, but Bitcoin also broke the biggest barrier of $6,000.
There is a famous saying,
During Bearish market trends, even the greatest of news does not help the prices to go up, while during a bull run even the worst of news does not lead to a decline in the market.