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While Bitcoin's bullish rally continues and shows no sign of slowing down, the entire crypto market has exploded with graphics, reflections and speculation.
The bullish price rally has caused a lot of FOMOs in space and has pushed the price of the main cryptocurrency upwards, with a market capitalization of nearly $ 8,000, after having crossed the 6 $ 000 – a resistance that should be incredibly hard to break – and $ 7,500 knife through the butter. The upward parabolic trend that has revitalized the cryptography market has now, in just 40 days of action on bullish prices, erased all the damage done in nearly 8 months of bear market.
"Mental" Bitcoin price recovery on a large scale cancels 8 months of bear
According to leading analysts of cryptocurrency GalaxyBTC, the last 40 days of bullish market – if we are actually in full bull market – were enough to completely wipe out 235 days of bear market, or nearly eight full months of bearish sell pressure abolished in a little more than one month of purchase.
Large-scale price recovery is mental.
235 days of bear market have already been cleared in the last 40 days.
And this time without massive media coverage, ico madness or massive stupid money flow.
Just pure fundamentals. #bitcoin pic.twitter.com/shv4fRPHIS
– Galaxy (@galaxyBTC) May 12, 2019
The rally in early April that pushed the price of bitcoin up to $ 1,000 in one hour caused a sudden stop between $ 5,000 and $ 5,800 before breaking the $ 6,000 mark and climbing quickly to reach a little under $ 8,000 – the next level of resistance with which Bitcoin is currently flirting.
Related reading | Bullish: The crypto community is shocked by the recent resilience of Bitcoin prices
The increase of $ 4,200 to current levels canceled nearly eight months of bear market, which dated back to August 2018.
The analyst notes that what makes this rally more interesting is the lack of media frenzy, ICO craziness or "stupid" money in the cryptography market, driving up prices, as we saw in the end of the 2017 bubble hype that led Bitcoin to its record of $ 20,000 per BTC. A large portion of the purchases would be due to growing institutional interest and systematic purchases from "smart money" and other major players that accumulate Bitcoin since setting annual low points.
Since the annual minimum was set in December 2018, the price of bitcoin has more than doubled, suggesting that the floor has been set and that bitcoin has emerged from its accumulation in the next growth and market cycle. .
Related reading | Crypto Analyst: The MACD Bitcoin Histogram Is More Extensive Than During The Previous Cycle
Most did not expect Bitcoin to reach the current highs so soon after the impression of annual lows and the longest bear market ever recorded. What began as a rally of disbelief has become completely parabolic, and many previous price targets have already been revisited well above the last peak ever achieved by Bitcoin, namely $ 20,000. FOMO is present in the worldwide cryptography market.
Selected image of Shutterstock
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