Bitcoinist.com reports that today, 14th May, bitcoin broke its yearly high. Today’s bitcoin price, which stands at over $8,000 marks the highest bitcoin price since May 2018, “sealing in the bear market which at one point took markets as low as $3100. “
The trend reversal began on 1st April and in the past week alone the bitcoin price has delivered 40 percent gains and went up by double digits overnight since yesterday.
Bitcoinist says, “For anyone who bought bitcoin even two weeks into its bullish trend in mid April, meanwhile, BTC has created gains of more than 60 percent.”
Bitcoin supporters were confident this week that the bear market is well and truly over. Willy Woo, a prominent observer, said in April that he was 95 percent sure Bitcoin had already bottomed out near $3000; now he is saying a bull market is a “99 percent” certainty.
Woo tweeted: “In BTC’s (ten-year) trade history, crossing above the 200 day moving average… for any sizeable time (say (eight weeks)+) has signaled bull season. Even a super conservative trend line support puts us above the 200DMA.”
Morgan Creek Digital co-founder Anthony Pompliano tweeted that bitcoin is already up over 100 percent in 2019. And, the CME Group reported its Bitcoin futures product had seen a record volume on Monday.
Others believe the US-China trade war has sparked the market revival, while others like Tom Lee of Fundstrat have suggested that the Consensus 2019 event happening this week has had an impact. Bitcoinist says in respect of this: “The event had failed to make any impact on markets in 2018, with commentators noting that this year, eBay’s sponsorship and conspicuously pro-crypto presence had created an entirely different atmosphere.”