Thursday, May 13, 2021

Bitcoin (BTC) Breaks Above $7,000; Replay of April 2019 Bull Run?

According to the data on CoinMarketCap, Bitcoin (BTC), the largest cryptocurrency by market capitalization has just surpassed $7,000. This trend has started raising the hope of seeing the replay of April 2019 Bull Run.

Bitcoin has possibly accumulated strength for a fresh bull run, which could end in a repeat of the favorable season for BTC that started in April last year.

The much-awaited Bitcoin halving is counting down. Bitcoin investors and traders expect significant post-halving profits, as played out in the past.

Impact of COVID-19 on Bitcoin (BTC) Price and Its Latest Resurgence

The devastating fall of the price of Bitcoin (BTC)  in the market has been attributed to the coronavirus pandemic that has turned virtually everything upside down across the world, including the stock market.

In the cryptocurrency market, BTC lost over 50% of its value in the space of 24 hours. This cast doubts on a prominent feature of Bitcoin, which is the major reason for its emergence in 2009.

The price fall of the digital currency indicated its correlation with the stock market, which was least expected. In a matter of days, Bitcoin lost relatively 60% of its accumulated price.

However, the digital currency started impressing with a swift uptrend to $6,000 price level. BTC settled above the $6,000 support level until 1st April, when it started showing signs of replicating the bull run of 2019.

Bitcoin has recently surpassed $7,000. This impressive trend is now a bullish signal for some crypto analysts and enthusiasts, due to the positive impact on other cryptocurrencies in the market.

At the time of filing this report, BTC is trading at $7,055.97, with a 13.30% price uptrend in the last 24 hours. Crypto pundits now envisage a possible repeat of April 2019 bullish trend, as Bitcoin halving closes by.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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