Ever since the crypto winter that started in 2018 ended earlier in April, Bitcoin has enjoyed a favorable outlook from the entire market including, traders, investors, analysts, and even non-crypto financial experts.
Since the rally began, the coin has gained more than a 100% increase in price and is still predicted to go higher. A little while ago, a group of experts concluded that Bitcoin will end the year somewhere close to $10,000.
However, with the fact that the coin already grazed $9,000 though temporarily and might still go higher, the $10,000 mark might even be a little too safe.
Two More Bullish of Increase
A Bitcoin enthusiast recently took to Twitter to air a bullish opinion about Bitcoin’s prospects. According to the tweet from Crypto Magical (@CryptoMagical), Bitcoin has had a pattern, since 2011, of having three extremely bullish years followed by a somewhat bearish one and then a repeat of another three-year rally. The tweet read:
#Bitcoin yearly returns:
2011: +1473%
2012: +186%
2013: +5507%
2014: -58%
2015: +35%
2016: +125%
2017: +1331%
2018: -73%
2019: +126%What can we learn from this data?
Never bet against bitcoin. $BTC— Crypto Magical (@CryptoMagical) May 31, 2019
Will Bitcoin Have A Continuous Surge?
As volatile as the Bitcoin market is, there’s no real reason to believe that there won’t be another surge in the near future. All the analysis done by respected crypto experts believes that the bleakest experience Bitcoin would have any time soon is a few significant pullbacks. Even when this happens, it is generally believed that the market will correct itself and begin to surge again.
There is also much to be said for the U.S. and China trade war as a boost for Bitcoin. At the moment, many people including Susquehanna’s Bart Smith, believe that if the economic dispute doesn’t end sometime soon, many Chinese people will start to look for alternatives to the Yuan as a trusted and deregulated medium of exchange and Bitcoin is in the best position to cater to these needs.
According to the above tweet, 2020 and 2021 will still see Bitcoin reaching new heights and probably overtaking its December 2017 all-time high before we see another significant bear market.
