In 2017, Bitcoin successfully hit $19,783, a figure which till date, is still the asset’s all-time high. The mark is still being used in comparison with the coin’s current price especially by naysayers who believe the glory days are not only over but probably will not be seen again.
However, what‘s most important is that back then, Bitcoin reached the $8,000 mark and less than a fortnight later (11 days precisely), it gained $2,000, hitting the $10,000 mark.
At the moment, Bitcoin is struggling to reach and surpass the $8,000 mark, a price it had previously surprised, several days ago. So, what’s the likelihood that we will see a similar bull run?
Bitcoin was at $7,800 in November 2017. However, a little less than a month later, it had its biggest surge, hitting its all-time high in December. So, ever since the price rally began this year, analysts and experts have been trying their best to figure out the possibility of a similar bull run.
When Bitcoin started to break through earlier set resistance levels up until it reached $8,000, many analysts were sure that it was definitive proof of the end of the crypto winter that had plagued the sector since last year. This assertion was understandable considering the fact that it was about $3,150 in December last year and in about 6 months, shot up to $8,000.
The larger part of this rally happened in two months, – April and May – supporting the claim that Bitcoin usually sees massive gains in short periods.
According to Thomas Lee, co-founder of Fundstrat Global, in a tweet last month;
“Reminder that BTC generally generates all of its performance within 10D of any year. –ex the top 10 days, BTC is down 25% annually since 2013.”
Another researcher, Alex Saunders, has also stated that the $8,300 is significant because less than two weeks after Bitcoin hit that mark in 2017, it was able to reach its all-time high.
How Soon Can We Expect Another Surge?
At the moment, pretty much everyone agrees that the market will do fine. Some have expressed that pullbacks are almost inevitable but they aren’t and shouldn’t be a deterrent as the price would definitely correct itself after a few of those. However, there is no general agreement as to when exactly another surge will occur.
A cryptocurrency trader and investor has however predicted that Bitcoin would move fast. In a tweet The Rhythm Trader (@Rhythmtrader) said:
Last bull market, this is how fast bitcoin moved:
$8000 – $10000: 11 days
$10000 – $12000: 7 days
$12000 – $14000: 1 day
$14000 – $16000: 1 day
$16000 – $18000: 8 days
Now consider the fundamentals today vs 2017.
I’ve never been more bullish.
— The Rhythm Trader (@Rhythmtrader) May 20, 2019