Bitcoin, being the most significant cryptocurrency on the market, is expected by many to put up outstanding performances now and then. Many of such people are not even invested in the largest cryptocurrency itself, but cannot take away the possibility of Bitcoin taking along altcoins for a ride during its insane bull runs.
The digital asset has been tasked with a lot of things so many times but continues to thrive. The cryptocurrency, after having a terrible year in 2018, was expected by many to shake it off and regain its dominance in the world of finance.
Bitcoin lost more than 70% of its value last year, and thoughts of an even worse performance this year was frightening. The coin, however, has defied odds once again and has achieved a staggering 140% gains this year. Now the thing with Bitcoin is that people assume there is always more and therefore demands more.
Many experts are now beginning to ask if the largest cryptocurrency on the market can top up this insane performance this year. Well, the answer could be both a no or a yes, but knowing bitcoin and the history of patterns backing it, the odds of it achieving more this year are very much likely.
Bitcoin achieved a 120% rise within the first five months of the year. The dynamics surrounding that feat is different from what’s in store for a potential bull run but closely following patterns and events around the digital coin, another surge could be in store.
Let’s kick start it with highly-anticipated Bitcoin halving happening next year. Previous Bitcoin halvings have positively impacted the bitcoin price months before and after the actual event, and as discussed earlier, this is based on historical patterns.
The first halving saw the coin reach $1000 for the first time, while the second halving saw it just short of reaching $20,000. With this feat about to repeat itself, many investors are hopping on the bandwagon looking to make something off the craze, which is likely to see the number of investors moving the cryptocurrency from their wallets decrease.
The next factor in play here is Bitcoin and the month of November. Bitcoin has seen gains in November for six years out of the last eight. Bitcoin saw only ‘greens’ in November from 2012 to 2017 and only saw this run come to an end last year when it recorded a 37% loss in value.
The possibility of Bitcoin replicating last November’s performance is unlikely as the digital coin had already seen a 70% drop in price from the start of the year in addition to the constant bear trends. This time around, Bitcoin has enjoyed bullish trends coming into November, and once again, with the pattern backing it up, the coin is likely to continue the good November feeling.