Bitcoin has had a lot of ups and down since 2017 till now. By this time, analysts are starting to notice certain patterns in its trend movements.
Bitcoin has recovered after the eighteen-month-long crypto winter. It has soured to the new heights of eight thousand three hundred dollars ($8,300) from three thousand dollars ($3,000).
When Bitcoin hit the eight thousand three hundred dollars ($8,300) mark in the past it approached twenty thousand dollars ($20,000) in a matter of thirteen days. At this stage, many are questioning if it will be able to pull off such a performance once again.
The 2019 recovery after a long crypto winter is impressive indeed. But not as impressive as the rise to twenty thousand dollars ($20,000) in 2017. There are some strong indicators that this miracle might happen again and bitcoin will experience a bullish run.
This time bitcoin faced a short decline after hitting the eight thousand two hundred dollars ($8,200) price mark. If Bitcoin can hit the eight thousand three hundred dollars ($8,300) price mark, it is in for a treat.
Such an event is very rare outside of crypto space but Tom Lee of Fundstrat states that this is basically the method of procedure of Bitcoin. He further elaborated on it saying that Bitcoin is quick to pick up on short gains.
Definitely a positive development that #Bitcoin is now above its 200D mov. avg.
–Many consider P>200D as sign of $BTC in positive trend
–BTC acts significantly better P>200D, a win-ratio of 80% vs 36% when P<200D
— Thomas Lee (@fundstrat) April 2, 2019
Bitcoin has yet to demonstrate acceleration in its price movement after hitting the eight thousand three hundred dollars ($8,300) price mark.
This phenomenon can be explained by the fact that the market has grown and changed a lot since 2017.
So it is fair to assume that the same price movement might not occur after Bitcoin hits the eight thousand three hundred dollars ($8,300) price mark this time around.