The crypto market has made an impressive return over the last two days, adding $28 billion to its market, seeing the Bitcoin price surge above $8,100 USD to hit a new 2019 high.
This marks the beginning of a new bull market.
Alex Kruger, Global Markets Analyst suggests that the reason why Bitcoin is rising so rapidly was initiated without the involvement of the mainstream public.
Kruger tweeted on May 12 2019,
“This BTC rally is happening without the general public yet involved en masse. This is very bullish”.
It is strongly suggested that the upward momentum of the crypto market in the last three days was likely caused by existing capital within the crypto market moving into major crypto assets, rather than new money flowing in.
It has been predicted that the price of Bitcoin will gradually climb back to $20,000 USD by March 2021.
Canaccord Genuity, investment banking and wealth management company based in Vancouver has published the following,
“Looking ahead, if Bitcoin were to continue following the same trend, the implication is a slow climb back toward its all-time high of $20,000, theoretically reaching that level in March 2021”.
However, don’t be shocked if the number goes higher, after all we are still only in the second week of May, and global economic tensions could boost Bitcoin demand and price higher that what has been suggested.