Back in 2017, Bitcoin (BTC) was the biggest news as far as money making was concerned as the cryptocurrency went on an incredible bull run to hit an astonishing price of just over $20,000 per coin.
However, just as some experts were predicting a price of $100,000 per coin, the price came crashing down and throughout 2018, the cryptocurrency stayed in a much lower range peppered with frequent crashes.
That being said, the cryptocurrency has made a comeback in 2019 and has closed up higher in each month in 2019 thus far. Recently, it rose 4% to reach its highest level this year and many crypto experts are saying that it was down to a trigger that had propelled it to its 2017 highs of $20,000.
The bitcoin price has jumped from $5,341 to $ 5,679.12 on Coinbase on Friday, surpassing its previous 2019 high at $5,594 . That being said, it needs to be noted that on some exchanges, the priced had reaches as much as $5600 and investors seem incredibly positive about another bull run.
However, Peter Brandt, one of the better known technical analysts of Bitcoin, has stated that the a structure has been formed on the charts that was last seen back in 2015, when Bitcoin started its incredible bull run. The indicator is known as the Factor’s benchmark weekly moving average and according to Brandt, a same pattern is now being observed.
Despite all the positivity surrounding Bitcoin at this point of time, the question that remains for most investors and potential investors is whether this 2019 bull run is going to sustain or not. In that regard, it must be said that there are certain factor that could sustain this price rise and take it to higher levels in the coming months.
According to a leading crypto research form, the volume of Bitcoin transactions has increased significantly over the course of this year and that is possibly an indication that the rally could sustain. Bitcoin (BTC) has captured some institutional interest of late, and if it spreads further, then the rally can definitely sustain.