Bitcoin’s recent price action has had the world in wonder of whether this spells the end of the bear market.
As reported by 21CRYPTOS in a previous article today, a survey of dozens of analysts and influencers shows that the consensus is vastly in the majority of believing that the bitcoin price bottom is in – at an average of 70-90% analyst certainty.
Today at 4 AM UTC, bitcoin passed the magical $5500 mark, spelling a new yearly price high for the 5 months into 2019 so far.
Bitcoin’s price topped out at $5650 after a 10 minute super climb. This is its highest price since November 2018, 7 months ago.
Bitcoin price pullback to $5563
In the last 6 hours since bitcoin’s massive price spike, the leading cryptocurrency experienced some pullback to the $5500 range, but has now climbed steadily to reach $5563, at the time of writing.
This is a continuation of an incredible month for bitcoin price action, having seen the leading cryptocurrency come from the deep $3000 regions, almost doubling in price.
The daily price rise according to coinmarketcap is, so far, 4.64%, and looks like it has the potential to steadily increase through the day according to the charts.
The 24 hour volume is high at $16.34 billion USD, and the market cap is $98.26 billion USD.
Will the bitcoin marketcap pass $100 billion this week?
Judging by the past 3 months of what is now a likely confirmed trend reversal from bear to bull, it seems as though bitcoin’s marketcap will pass the $100 billion shortly. However there may be strong psychological resistance at that point, as investors will be cautious of investing at this point.
More consolidation above bitcoin’s $5000 price level may be needed before venturing north of $100 billion, however once it does and the resistance barriers are broken, we may see an even sharper increase into a much higher bitcoin price.
At the moment all eyes are on bitcoin’s price action, and the jury’s out until the monumental $100 billion marketcap is passed.