Short Intro
For the past few weeks, Bitcoin has demonstrated an impressive comeback from a lengthy bear market for most of last year. It has kicked off this week with more momentum which sent the price soaring past the $8,000 level.
The surge highlights Bitcoin's recovery and the end of the bear market that has lasted the better part of 2018. The declining performance of the currency in 2018 after the previously massive bull surge led to concerns that the cryptocurrency market had already gone through its best phase. However, Bitcoin's surge this week is a sign that the market can still achieve previously seen levels of growth.
Future predictions and possible variants
Bitcoin has been surging at a rapid pace this month. For example, the BTC's price was approximately $5,000 about a week ago, but days later, it reached the $8,000 range. It is quite impressive considering that it traded below $4,000 roughly two months ago. The surge raised concerns that it might be followed by a price drop as the market attempts to maintain a balance. Anyway, it is quite difficult to predict whether the surge will continue, slow down, or even reverse.
Bitcoin's price levels continued to surge despite a recent hack on Binance exchange which led to the loss of $40 million. It is contrary to previous trends where the crypto market lost some value every time theft was reported. What has changed?
The Director & Co-founder at Global Block David Thomas noted that the appetite for Bitcoin trading increased when it reached $6,000, which was one of Bitcoin's primary support levels. It resulted in more investor confidence, thus the increased investment in the cryptocurrency.
Many analysts are predicting that a surge of BTC and other cryptocurrencies will continue as mass adoption is around the corner.
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