We have been waiting for a long time for Bitcoin to show some signs of life and it now appears that the wait is over. For the first time since 2017, Bitcoin has had two straight good months and perhaps the bear run for Bitcoin is finally over. The Bitcoin price opened at $3,434 in February and closed at $3,823 for an increase of 11%, while the March price opened at $3,823 and closed at $3,942 for an increase of 3%. There had not been two straight months of positive price movement for Bitcoin since 2017 and that was when Bitcoin was trading at about $20,000.
While there is no question that two straight months is good news for Bitcoin, three straight months would put Bitcoin into the bullish category. Bitcoin has cleared the $4,000 price and if it remains above that number it would mean three straight months of positive movement. One Bitcoin analyst said recently that if Bitcoin clears the $4,300-$4,400 level it would be a significant indicator that the cryptocurrency is heading into bull territory. Almost all analysts agree that if the Bitcoin price does clear $4,300 that it should climb to at least $5,000. It should be noted that Bitcoin has struggled to get past the $4,300 mark in recent months, but it finally looks like that the price may be broken.
Bear Market may be Over
Did you realize just how long Bitcoin has been in a bear market? The cryptocurrency hit its high late in 2017 and it has been about 16 months of a bear market for Bitcoin. “The crypto bear market has been over for three months now. BTC breaking above $4,200 will mark the end of the bear trend that started in January 2018. Going to miss this big fellow,” economist Alex Krüger said.
The question that many investors will have to answer is whether they want to get back in after being burned so badly by Bitcoin in 2018. Some analysts have said that a lot of trends are pointing to a cryptocurrency surge this year. And it is worth noting that a recession would be good news for cryptocurrencies. A recent survey said that 72% of industry investors believe that crypto prices would go up in a recession.
Brendan Bernstein who is the founding partner of Tetras Capital said that he believes in Bitcoin’s long term prospects. “There’s a perfect storm for BTC right now.” Bernstein recently said on Twitter. Bernstein has said that because of the huge numbers of entitlements in the United States that he thinks the central banking system will be put under a lot of pressure.
Bernstein is not the only investor who is saying good things about Bitcoin right now. Alistair Milne, the chief investment officer of an industry fund said recently on Twitter that everyone he respects is bullish on Bitcoin. “Pretty much every OG Bitcoin trader I respect is now leaning bullish.” Milne said on Twitter.
The question, of course, is whether this current Bitcoin run is real or whether it is another tease. Bitcoin has not rallied substantially in almost two years and many investors have gotten cold feet after being hurt so badly last year. The good news for those who have stayed the course with Bitcoin is that the worst may indeed be over. Many industry experts are predicting a bull run for Bitcoin, but it worth remembering that many of these same experts were saying that Bitcoin would continue to stay in the dumps for a long while to come.
One thing we do know about Bitcoin is that more and more businesses are using it every day. A leading Sportsbook, BookMaker.eu is using Bitcoin for most of their customer’s deposits and withdrawals. It was just announced this week that a leading Swiss firm, Netzmedien AG is going to be paying wages using Bitcoin. It seems that every day another major company is using Bitcoin in a major way.
Check out the latest Bitcoin options available today at BookMaker.eu and join the many people who are benefiting by using this cryptocurrency.
