Has the bear market actually ended? It might sound silly to newcomers in the industry with bitcoin now worth around half of its all-time high of $20k, but many are still wondering whether the infamous bear market has actually ended.
Rekt Capital have just answered one question in a recent tweet and article posted onto Medium. Their answer is that bitcoin is indeed in a bull market.
There are people like Tom Lee and Mike Novogratz who also agree with this claiming that the bears are, at least for now, gone.
In explaining its position, Rekt Capital noted that Bitcoin is currently experiencing a new wave of interest from several quarters including firms like WholeFoods and AT&T that are now accepting bitcoin.
The Bitcoin futures trading platform known as Bakkt is getting ready to launch itself into the world soon, which could see the price of bitcoin skyrocket. We also have Microsoft who have announced their plans to build on the bitcoin blockchain. Furthermore, the upcoming stablecoin from Facebook known as Libra is on its way and has spread the word of cryptocurrency to every corner of the world.
The journey to the centre of crypto
The market trend is currently undergoing a journey of sorts in its market rends through the transitional and accumulation phase and back to a new uptrend. Since April though, Bitcoin has been making up to 300% gains and that is a big indicator for a bullish price action.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Going on, as reported by ZyCrypto:
“Rekt Capital explains that Bitcoin’s Market Cycle is currently very much in favor of a bull market, adding that every time the crypto experiences a burst, it’s followed by a boom that cultivates in a new ATH. Indeed, 2018 was Bitcoin’s flop after the boom of December 2017, and that has now set the stage for a subsequent boom.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!