The Bitcoin price has started 2019 off in fine form. Since reaching the $3,200 price point last December, which some have been calling this cycle’s ultimate bottom, the value of BTC has surged around 150% in just six months. With the price of most other crypto assets also increasing in recent weeks relative to the U.S. dollar, many analysts have declared that the current price action looks like the early stages of a new bull market.
There are increasing signals that they might be correct too. Terms such as “Bitcoin”, “Coinbase”, and “Blockchain” have been trending across various online search platforms and technical analysis is pointing towards the theory that there is upside to come.
Have the Bitcoin Bears Finally Been Vanquished?
There is a growing body of evidence to suggest that the Bitcoin price could finally be ready to make a prolonged move to the upside once again. The price has been generally on an upward trend since it sank as low as $3,200 in December 2018.
Just recently, however, there has been a much more dramatic price increase than we have seen since the days of 2017. During April and the start of May, Bitcoin’s price more than doubled to a yearly high of $8,320 (according to CoinMarketCap). It has since dropped back to just below $8,000 as of the time of writing.
The rising prices have been accompanied by other signs that new money might be ready to get back into the Bitcoin and crypto asset markets. One indicator of such investor confidence is the fact that wallet software is trending hard in the Apple wallet store.
Trending now: “Coinbase” and “Blockchain”. Not sure I’m ready for this. pic.twitter.com/mRGgcr8RWO
A related signifier that there is renewed interest in crypto relates to trending searches on the well-known search engine Google. According to data from the technology giant, the term “Bitcoin” is currently being searched for three times as often as it was just three weeks ago. It is still nowhere near as high as it was during the peak of the 2017 bull market but it is a clear sign that those less familiar with the technology are becoming interested either again or for the first time.
Crypto pundits have posited some theories as to why interest might be on the rise once again. RT’s Max Keiser believes recent financial policies initiated by the US have made the sound monetary policy offered by Bitcoin highly attractive once again. He also states that during this bull market, institutions are likely to fear missing out just as much as retail did in 2017. This could lead to the $100,000+ Bitcoin he has been calling for as clients of Fidelity, Bakkt, and TD Ameritrade all scramble against retail investors to buy up the increasingly scarce crypto asset.
Technical analysis also appears to be pointing towards more upside too. One trader and CEO of coding firm NodeSource, Joe McCann, highlighted that Bitcoin’s 200-day moving average recently moved into an upward-facing position. Previous times this has happened — in 2012 and 2015 — huge run-ups in the value of cryptocurrencies have been observed. The trader says we could be looking at a “prolonged bull market”.
Judging from the technicals, along with clues into current levels interest in Bitcoin and crypto provided by trending searches at Google and Apple, the likes of Keiser, McCann, and others might be right in their bullishness. There might finally have been enough healing time for investors’ appetites for risk to have returned.
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