Bitcoin price broke its yearly high May 14 as the 2019 bull run continues to shock traders and analysts, even far beyond the cryptocurrency industry.
Bitcoin Price Caps 100% 2019 Growth
Data from even the more conservative Bitcoin price trackers, such as exchange Bitstamp, confirmed continuation of Bitcoin’s awe-inspiring breakout Tuesday, BTC/USD soaring over $83000 at press time.
The figure marks the highest Bitcoin price since May 2018, sealing in the bear market which at one point took markets as low as $3100.
The trend reversal, which began April 1, has meanwhile turned out to be anything but an April fool’s joke.
In the past week alone, BTC price [coin_price] has delivered 40 percent gains. 24-hour performance currently sits at 17 percent, and is expanding.
For anyone who bought bitcoin even two weeks into its bullish trend in mid April, meanwhile, BTC has created gains of more than 60 percent.
Woo: We’ve 99% Left The Bears Behind
Unsurprisingly, the figures who at that time were already confident the bear market had ended for good were celebrating this week.
Pointing to fresh technical evidence, Willy Woo, who in April said he was 95 percent sure Bitcoin had already bottomed out near $3000, said the bull market was now a “99 percent” certainty.
“In BTC’s (ten-year) trade history, crossing above the 200 day moving average… for any sizeable time (say (eight weeks)+) has signaled (sic) bull season. Even a super conservative trend line support puts us above the 200DMA,” he wrote on Twitter commenting on an accompanying chart.
In BTC's 10yr trade history, crossing above the 200 day moving average (blue line) for any sizeable time (say 8wks+) has signaled bull season. Even a super conservative trend line support puts us above the 200DMA.
Bull season is now 99%. pic.twitter.com/g433INi4pA
— Willy Woo (@woonomic) May 14, 2019
Others highlighted different achievements. Bitcoin saw its largest daily volume in history two days in a row this week, Morgan Creek Digital co-founder Anthony Pompliano noted, adding that Bitcoin price was already up over 100 percent in 2019.
Beyond Bitcoin price, CME Group reported its Bitcoin futures product had likewise seen record volume on Monday.
China, Consensus And eBay
Attempting to find a reason for the strength of the parabolic run meanwhile, many cited the ongoing US – China trade war tensions as fuelling demand from what was once Bitcoin’s biggest market.
For Tom Lee, the Fundstrat co-founder and frequent bullish forecaster, this week’s Consensus 2019 annual conference also provided motivation for Bitcoin price gains.
— Barry Silbert (@barrysilbert) May 13, 2019
The event had failed to make any impact on markets in 2018, with commentators noting that this year, eBay’s sponsorship and conspicuously pro-crypto presence had created an entirely different atmosphere.
As Bitcoinist reported, the online marketplace’s publicity material suggested it would at least introduce some form of cryptocurrency-focused payment options in the future.
Where will Bitcoin price go this week? Let us know in the comments below!
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