Bitcoin Needs to Surpass $6,400 USD to Start A New Bull Market After Eclipsing $100 Market Cap
Today was a very positive day for Bitcoin (BTC) and the whole cryptocurrency market. Most of the digital assets have been growing in the last 24 hours and some of them are leaving the bear market behind.
Bitcoin surpassed $6,000 in some exchanges for a short period of time after November 2018. Nonetheless, there is an expert that believes that Bitcoin is not yet in a bull market.
Bitcoin Could Soon Enter A New Bull Market
According to the cryptocurrency expert and analyst Alex Krüger, Bitcoin was traded today close to the crash that it experienced in November 2018. At that time, Bitcoin moved from around $6,000 down to $3,150 a few days alter.
He went on saying that the bear market for Bitcoin ended when the digital asset surpassed $4,200. However, we are not yet in a bull market. As he said, in order for Bitcoin to be considered in a bull market, the cryptocurrency should surpass $6,400 which is also the most traded price of 2018.
$BTC now at $5750, the 2018 low prior to the November crash.
– The 2018 bear trend ended once above $4200.
– Above $6400, 2018's most traded price, it's a bull market. pic.twitter.com/rIQI8RIPgs
— Alex Krüger (@krugermacro) May 3, 2019
At the time of writing this article, Bitcoin is being traded around $5,793 as reported by CoinMarketCap. It also has surpassed the $100 billion market cap. The first time that Bitcoin surpassed this price level was back in November 2017 before reaching its all-time high later in December. In the last 24 hours, Bitcoin grew more than 5%.
Just 24 hours ago, Peter Brandt, a recognized trader, explained that the last time Factor’s benchmark weekly MA was in the current profile of turning from down to up was in November 2015. This was before the movement that Bitcoin experienced from $340 to $19,800.
— Peter Brandt (@PeterLBrandt) May 2, 2019
Of course, there are several investors that are waiting for Bitcoin to change tendency. Bitcoin could surpass $6,000 and keep its growing trend. The digital currency could reach new highs as well, which is something that most experts are expecting for the next few years.
Furthermore, Bitcoin is going to be halving in just a year, which is also bullish for its price. That means that miners rewards will fall from 12.5 BTC to 6.25 BTC per block, reducing the new issuance of Bitcoin to the market.