Following a year of difficult trading for bitcoin, the world’s largest cryptocurrency has experienced a return to bullish conditions of late. In fact, the recent bitcoin bull rally has pushed prices up by over $1,200 in a single day this week.
Bitcoin Bull Rally
The latest rally took prices beyond $8,000. At one stage, a 17.4% gain on Monday saw prices rise to $8,195.
Sam Ouimet, a cryptocurrency analyst at Coindesk, said the rise was in keeping with the trend for aggressive price increases in 2019. This includes an over 127% growth in the past 90 days.
“While vigorous, today’s development is not an anomaly. In fact, bitcoin’s price increases have been aggressive for much of 2019 and rose more than $1000 dollars once again just two days ago. In the past 90-days alone the cryptocurrency has increased 127 percent in price, nearly 60 percent of which was accrued in the last 30 days alone.”
“The USD value of most cryptocurrencies are seeing notable increases as a result of bitcoin’s rebound, including the likes of Binance Coin (BNB) and Bitcoin Cash (BCH) both of whom are reporting double-digit 24-hour gains.”
The trend has echoes of a similar parabolic rise in 2015. That’s when prices shot up from around $198 in August to close around $499 in November of that year.
Other Cryptos Following Suit
However, in the days since, upwards pressure has eased somewhat. Bitcoin is currently hovering around the $8,000 mark. At the time of press, the BTC price was $7,998. Yet while BTC appears to have paused for breath at the top, other cryptocurrencies continue to post gains of the back of these successes.
ETH has risen to reach seven-month highs of $235. Meanwhile, XRP has confirmed a bullish breakout towards $0.45.
The news will be a welcome relief for cryptocurrency investors, particularly those holding cryptocurrencies like bitcoin.
Indicators now suggests the possibility of testing $8,500 in the coming days. Furthermore, many other cryptocurrencies are showing similar trajectories. Overall, technical analysis appears to confirm the end of the bearish sentiment that has plagued markets since late 2017.