Early Tuesday morning, Bitcoin made the largest price surge in recent memory. Growing in value from just $4,180 USD to $5,080 in a short window, the cryptocurrency gained 22% while most of the country slept. Now, a number of analysts think that this surge could mark the start of the next bull run.
Overall, Bitcoin outperformed its expectations throughout Q1 of 2019. After bottoming out near the $3,100 level, it has since increased in value by 60%. Growths of this proportion have not occurred since the last bull run of late 2017.
The Bitcoin Bull Market
During the spike, the cryptocurrency crossed through the $4,200 resistance level. If it can close the day above $4,620, then it will remain above the 200-day moving average. This has not occurred in quite some time and is a tool that analysts consider important in determining a bear-to-bull shift.
Since the beginning of the year, we have seen three months in a row of Bitcoin growth. The last six weeks have all followed the same pattern. Despite this, there’s still a lot of room for growth before even reaching the 2018 baseline price of around $6,000. After reaching a pinnacle of nearly $20,000 in December 2017, it faced a bear market for over a year.
The surge comes as good news for advocates who believed that crypto is not dead. With increased acceptance and usage of the cryptocurrency in America and worldwide, many believe that the next Bitcoin bull is inevitable.
The surge has also benefitted various altcoins, though generally to a lesser degree than Bitcoin. Ethereum has risen 14% in the past 24 hours. Though the initial spike was smaller, going from $140 to $153 USD, it has steadily risen throughout the day. As of 4 PM EST, it has crossed the $161 mark and shows no sign of stopping. EOS, Tron, Litecoin, and Ripple have also seen double-digit growth.
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