• Wed. Dec 6th, 2023

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Is a new Bitcoin Bull Market Starting?

A new chapter in the rise fall and rise of Bitcoin seems to be exploding on to the scene heralded by the emergence of a new bull market. This follows a bear market in 2018 and a rally a year earlier. Many news sites are confirming the bull market. If you want to join the throng of investors who are leveraging this it is a good idea to take a look at big bitcoin trading platforms compared to get involved with the right outfit.

1st April Breakout no Joke in Finance

The new bull market for this cryptocurrency began on the 1st of April. As things stand the current BTC/USD price is $83,000 earmarking a 100%+ growth rate. This has started getting those involved with finance very excited. This is the highest price since May 2018 and seals in the bear market which at one point was a low $3100.

The bullish trend has seen sites such as BestBitcoinExchange.net receive traffic spikes. This is no surprise as BTC has seen a 40% gain in the past week alone and 24-hour growth rates have been recorded at 19% and rising.

View from Significant Cryptocurrency Figures

A big bitcoin figure, Willy Woo, tweeted:

“In BTC’s (ten-year)  trade history, crossing above the 200 day moving average… for any sizeable time (say (eight weeks)+) has signalled (sic) bull season. Even a super conservative trend line support puts us above the 200DMA.”

In April, he stated that he was 99% certain that the bear market for the cryptocurrency had ended, bottoming out near the $3000 mark. Evidence supports his claim as the bull market has seen the cryptocurrency soar much to the joy for those involved in currency trading and finance.

Others such as  Anthony Pompliano, co-founder of Morgan Creek, tweeted:

“Bitcoin has had its largest volume of all-time two days in a row (h/t @krugermacro) THE BULLS ARE BACK!” He also noted that the currency had risen over a 100% in 2019.

To understand more about Bitcoin check out Bitcoin Foundation as it has plenty of useful information for you to digest.

Why Now?

Many believe that there are two reasons for Bitcoin’s bull run. The first is growing tensions between America and China with a trade war looking inevitable. The tensions seem to be fuelling demand for bitcoin. This could have merit given that the dollar and the yen could possibly lose value should a full-on trade war ensue.

Each side keeps raising tariffs on imports causing each side to counter rise. Stocks are sliding as a result and bitcoin increasingly feel like the safest game in town.

Secondly, Consensus 2019 which failed to make a market impact last year could well have played a part in the bull market emergence this year. The conference this time around was sponsored by eBay which recently stated in an online bitcoin magazine that it would be taking some form of cryptocurrency in the future.

Wolf tweeted:

“”Leaked from Consensus, eBay possibly announcing the support of cryptocurrencies on their website.” – @PatronsOfTheMoon Telegram. #share #bitcoin #cryptocurrency”

Bitcoin and other cryptocurrencies are becoming increasingly popular. It could well be time to get onboard.

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