Top cryptocurrency by market capitalization, BTC has started a surprise price recovery which many believe is the continuation of its January bull run. According to stats on CoinmarketCap, bitcoin gained as much as 2% percent over the last 24 hours to touch around $8,937 as of the early hours of Thursday.
Bitcoin price is back in a bullish zone which will act as the stepping stone for a rally above $9,000. BTC/USD is exchanging hands at $8,937 (on Coinbase exchange) after trending higher 2% on the day. The trading in the last couple of days has mostly favored the bulls. However, the buyers have lacked the power to pull Bitcoin price above $9,000. The largest cryptocurrency has, nonetheless, stabilized above $8,800 despite the fears that the Coronavirus may become a global pandemic.
Bitcoin Recovers A Slight Loss!
This sharp surprise price recovery of bitcoin is fast reviving hopes in many investors who began to panic after the flash crash of 10 percent recently seen. As bitcoin dazzled around the $8.5k area, some fright filled the air in concerns that the top crypto might break the critical support at $8k. At press time, bitcoin changes hands at $8,930.
And now, having made the opposite run, it seems bitcoin has set course to surpass the $9k level again and press forward towards greater prices.
As this move just took the position, analysts have yet to exactly define adequate responses to the price action, though there are some already trying to explain what Bitcoin’s around 4% surge means for its short-term outlook.
500 Days Of Bull Run Still Intact
With reference to a recent market analysis performed by renowned investor and trader CryptoKea, there are reasons to believe that the bitcoin bull market once resumed will last for at least the next 500 days. Although the price extent for this massive bull rally was not exactly predicted, many believe it will see the king crypto surging beyond its all-time-high price of $20k.
“During the last two #Bitcoin bull cycles, price bottoms and tops fluctuated around halving dates in an almost equal ratio.” Cryptokea said…”If this relationship were to hold true, we still have more than 570 days of the bull market ahead of us, with a cycle top coming in around Sep 2021.”