Bitcoin Bull Run Continues, $5,000 Is Only The Beginning According To CoinDesk Bitcoin Analyst

Is Bitcoin dead? Will Bitcoin go back up? When is the next Bitcoin bull run? These and many more questions have been trending in the cryptocurrency space since the 2017 Bitcoin bull run that took the price of Bitcoin to its highest point near $20,000. Since the beginning of the year, Bitcoin has been recovering slowly against the USD. Yesterday, the price of Bitcoin crossed the 200 EMA confirming that the bears have lost control of the market and made way for the bulls. This is in line with the Tim Draper Bitcoin price prediction and the Tom Lee Bitcoin price prediction. These Bitcoin price predictions have become more realistic over the last 24 hours since the price of BTC moved above $5,000. A Bitcoin price analyst on CoinDesk has said that hitting the $5k mark is just the beginning. The price of Bitcoin is still going to keep rising against the USD.

Bitcoin Bull Run Continues: CoinDesk Analyst Talks About More Gains For The Price Of Bitcoin

Omkar Godbole a cryptocurrency analyst on CoinDesk said that the end of the 15-month long cryptocurrency winter and the beginning of a bull market was marked with Bitcoin’s move to $5080. Even if the cryptocurrency winter has been over for more than three weeks. This move was the icing on the cake that confirmed the bear-bull market transition. However, he also noted that Bitcoin is reaching the overbought region and must cross the new resistance at $5,200 to rise to the $6,000 level.

Godbole said that the price of Bitcoin will most likely pull back to the $4,400 level before the bulls will gather momentum again. This will subsequently drive the price of Bitcoin up to $5,200 and solidify the rise of Bitcoin above $5000. Keep in mind that this is the first time the price of Bitcoin is moving as high as $5000 since November after the bloody Bitcoin Cash hard fork war. As the price of Bitcoin is rising, the trading volume and market capitalization is also rising. Yesterday, the trading volume of BTC was above $15 billion. This means that the bullish reversal is sustainable and it’s not just a pump and dump scheme.

At the time of writing, BTC was still recording gains trading at $4,958.67. This means that it is up by 5.10% against the USD. The trading volume over a 24 hour period is $21,202,669,019 and the market capitalization is $87,374,353,391 per Traders have not been this optimistic for months. For the first time in a long time, all the positive Bitcoin price predictions look realistic.

Bitcoin News Today: Why Is Bitcoin Rising?

There are many factors that are influencing the Bitcoin bull run. For starters, the cryptocurrency winter has come to an end. The winter ended with the last Bitcoin cycle and a new cycle has started with the bulls in control. The Bitcoin halving event that is scheduled to happen in 2020 is also a catalyst for a price surge.

Bitcoin (BTC) Price Today – BTC / USD

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There are many other fundamentals in place that are supporting the price of Bitcoin and other cryptocurrencies. The highly anticipated Bakkt may get the required regulatory green lights and we all know how positive Bitcoin ETF news has been inviting the bulls to the market.

What do you think about the current Bitcoin bull run? Is it sustainable? Is Bitcoin dead? Will Bitcoin go back up? Share your thoughts in the comment section below.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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