Bitcoin (BTC) is taking off suddenly like a bat out of hell. Not since May 23 – two months backward – has the volatile crypto giant seen the light past the $7,500 mark. One thing is clear: Bitcoin bulls were hibernating in 2018, but they’re starting to roar again.
Could the bear market’s end be in sight? What has been dubbed the ‘crypto winter’ may finally be setting Bitcoin free; and the pay-off for bulls is a handsome profit indeed.
Using the screener platform at CoinWatch.com, we caught up on the crypto market’s new frenzy and all the latest stats. Real-time analytics show media buzz and bullish news sentiment circling Bitcoin are very high. Let’s dive in.
On May 23, Bitcoin sunk to $7,505.77. By July 23, crypto investors sing the praises of a rise to $7,731.87. It’s a been a breath of fresh air for Bitcoin investors to see the coin jump 16% in 7 days.
Bitcoin is kicking off the week with a $132.03 billion in its market cap; impressive for a coin that plunged down just shy of $5,700 in price a month ago. This also certainly comes as a positive shift for a crypto market that was forfeiting billions of dollars overnight at the end of June.
Momentum is still a far cry from whispers of Bitcoin racing to claim $20,000. However, for a coin that managed to race past $19,300 on December 16, the big crypto gamblers are banking on a turnaround. It’s looking promising, Bitcoin investors. This coin seems to be well underway to unlocking $8,000 again.
eToro senior market analyst Matthew Greenspan sure seems to think so. The analyst tweeted Monday morning: “We might just be on the cusp of the largest bitcoin bull run in history.
That’s if Bitcoin manages to break past $7,800- so says Newton Advisor founder and analyst Mark Newton, calling this level the coin’s “formidable area of resistance.”
Right now, Bitcoin rests $300 under this “line in the sand;” and once Bitcoin hits $7,800, it’ll be easy to see “BTC can begin a larger rally.” Otherwise, Newton deems it challenging to “make too much of this as being a move that would start to lead us meaningfully higher” and may “still take some time.” If the coin pushes that extra $300, consider Greenspan’s prediction that a boom is coming.
This follows fresh on the heels of last week’s good news. First, international consortium, the Financial Stability Board (FSB) unleashed a report acknowledging that Bitcoin and cryptocurrencies “do not pose a material risk to global financial stability at this time.” In fact, the FSB intends to “help to identify and mitigate risks to consumer and investor protection, market integrity, and potentially to financial stability.”
Next, Blackrock – the biggest asset manager in the globe – announced it was looking into cryptocurrencies and blockchain technology. Blackrock CEO Larry Fink told Reuters, “We are a big student of blockchain,” even if he is not detecting a “huge demand for cryptocurrencies.”
Bigger picture, this marks a bull reversal, as Fink previously told Bloomberg: “I don’t believe any client has sought out crypto exposure.” In fact, one might even call Fink a former bear, as he dismissed Bitcoin as an “index of money laundering.” How times have changed.
When even the FSB and Blackrock are letting go of Bitcoin skepticism, it seems the biggest bull run yet is plausible- and compelling. Until then, all eyes will be on Bitcoin; to see if a renaissance can burst right past $7,800 “resistance.”