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As the bullish Bitcoin rally continues and shows no signs of slowing, the entire crypto market has erupted with charts, thoughts, and speculation.
The powerfully bullish price momentum has caused much FOMO across the space and has helped carry the price of the leading cryptocurrency by market cap upwards towards $8,000, after breaking through $6,000 – resistance that was expected to be incredibly difficult to break – and $7,500 like a hot knife through butter. The parabolic uptrend that reenergized the crypto market has now in just 40 days of bullish price action, erased all of the damage done in nearly 8 months of bear market.
“Mental” Large Scale Bitcoin Price Recovery Undoes 8 Months of Bear
According to prominent cryptocurrency analysts GalaxyBTC, the last 40 days of bull market – if we are indeed in the midst of a bull market – has been enough to completely erase full 235 days of bear market, or nearly eight full months of bearish sell pressure deleted in just over a month of buying.
The large-scale price recovery is mental.
235 days of bear market already erased in the last 40 days of bull.
And this time without massive media coverage, ico craze or heavy dumb money flowing in.
Just pure fundamentals. #bitcoin pic.twitter.com/shv4fRPHIS
— Galaxy (@galaxyBTC) May 12, 2019
The early April rally that sent the price of Bitcoin climbing $1,000 within an hour took a short pit stop between $5,000 and $5,800 before breaking through $6,000 and swiftly climbing higher to just under $8,000 – the next resistance level Bitcoin is currently flirting with.
Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience
The rally from $4,200 to current levels, undid nearly eight months worth of bear market, dating back as far as August 2018.
The analyst points out, what makes this rally more interesting is the lack of media frenzy, ICO craze, or “dumb money” flowing into the crypto market, driving up prices, as was seen at the end fo the 2017 hype bubble that led Bitcoin to its all-time high of $20,000 per BTC. Much of the buying is said to be the result of institutional interest increasing, and systematic buying from “smart money” and other major players who have been accumulating Bitcoin since yearly lows were set.
Since the yearly low was set back in December 2018, the price of Bitcoin has more than doubled in value, suggesting that the bottom has indeed been set, and that Bitcoin has exited accumulation into the next bull run and market cycle.
Related Reading | Crypto Analyst: Bitcoin MACD Histogram More Extended Than During Previous Bull Cycle
Most didn’t expect Bitcoin to reach current heights so soon after printing yearly lows and after the longest bear market on record. What started as a disbelief rally has gone full parabolic, and already has many revisiting past price targets well above Bitcoin’s last all-time high of $20,000, with many suggesting a new all-time high could be set before the end of the year given the FOMO felt across the global crypto market.
Featured image from Shutterstock
