When Bitcoin (BTC) went through a disappointing year in 2018, following the astonishing bull run at the end of 2017, many experts all over the world had written off the cryptocurrency. However, in 2019, the coin has come roaring back and went on another incredible bull run that has raised visions of a rally that could be similar, if not better, than the one that took place in 2017.
In 2019 alone, Bitcoin has gained as much as 240%, and there is a belief among crypto experts that it could climb further for the rest of the year.
Last weekend Bitcoin slumped a bit but was fast to recover. Over the past couple of days, BTC has surged yet again and easily shrugged off the declines that it had experienced prior thanks to issues related to Facebook’s Libra. Technical analysts have stated that the Bitcoin curve is now is at a critical point, from where the coin could either go high or low.
There is a belief among many analysts that a significant piece of news (positive news of any kind) could be all it takes to push the price of Bitcoin up and give it the momentum for its next major breakout. The same action has been seen in many of the instances when Bitcoin really broke out and reached new levels.
The Chief Strategist at Onada Corp in New York, Edward Moya, stated that he believes that because there is now significant interest in Bitcoin from institutional investors, it won’t take much to push BTC over the edge. For example, the establishment of Fidelity’s Bitcoin fund for its institutional investors some months back was looked upon as a major development for the cryptocurrency, and it is believed that more such updates might push the token to new highs.
At the time of writing, Bitcoin is up over 5% and now trading at $12,540, just 9% away from its 52-week high.
Featured image: DepositPhotos ©
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.