Since Bitcoin came into existence in 2009, it has experienced just one distinct price surge to $20,000 at the end of 2017. Since then, it has been a descent throughout 2018 until the beginning of April 2019 when the significant recovery started showing up.
A prominent researcher in the industry and Co-founder at Delphi Digital, Tom Shaughnessy, says this recovery will lead to a bull run far greater than that of 2017.
In a Twitter post, the researcher said the 2017 bull run was triggered by a hype due to the new cryptocurrency technology at the time, which probably explains why it didn’t last, but the coming one will be based on an appreciation of the technology and its potential to offer solutions to financial issues with the present institutions.
Bitcoin has exhibited significant resilience rising from just above $3,000 to over $5,000 where it has been for a few weeks now. Crypto trader Josh Rager believes this is healthy for the asset as the longer it stays on that level, the stronger support it will have when it starts to go higher from there.
Shaughnessy believes cryptocurrencies will soon be in high demand as the mainstream starts to see what potentials lie in the new technology. This will definitely lead to an increase in the price of Bitcoin and help push it to the rally investors have been patiently waiting for.
While there was fear of the asset dipping below the $5000 support level last week, it has remained on top to this day and in the last 24 hours making an attempt towards $5500. If this trend continues, a lot of significant improvement in price will be recorded in the coming days and even greater in weeks to come.
Bitcoin is currently trading at $5,269 according to data from Coin Market Cap, and it seems resistant to any serious downward movement at this time. However, the experts believe it will be within the range for a while but there will be no harm done if it breaks out and the market pushes it further, right?