Categories: Bitcoin

Bitcoin (BTC) 2019 Price Surge – Crypto Bull Run Insight

After remaining dormant for some months, bitcoin has recently rallied up pretty strongly, breaking major resistance levels. At the time of writing this story, it is standing at around $5,806 and showing a 6.53% increase in the past 24 hours. While things seem all set up for a prolonged bull-run as per various experts, the accumulation phase of bitcoin seems to be in full swing.

In a recent report by Adamant Capital, it was highlighted that the world’s largest cryptocurrency in terms of market capitalization, bitcoin, is in its heavy accumulation phase. This window is reported to lie between $3,000 to $6,500. As bitcoin stands within this range right now, the accumulation phase has prolonged though it was expected to be replaced by a bull run as bitcoin crossed $5,600 just a few days ago.

But why is this accumulation significant and what does it herald for newcomers of this space?

READ ALSO: 2019 Bitcoin (BTC) Price Predictions From the Crypto Industry

Accumulation essentially means collecting as much of a valuable thing as possible. Big whales, or those traders in the crypto game that have huge balances and can buy or sell bitcoins in large amounts, usually use accumulation in order to gain massive gains. The most common trick used by these whales in the market is pump-and-dump.

While talking to BlockPublisher on bitcoin gearing up for another bull run like that of 2017, co-founder of Raven Protocol and Forbes author, Sherman Lee, said:

We will see another bull run come. Maybe not this year and maybe not the next. We have a lot of catching up to do in terms of the tech matching the network valuations of these tokens that are being released.

Hopes of other experts are also high for bitcoin’s bull run by the end of the current year. Kyle Asman, co-founder and partner at BX3 Capital, said:

After a long bear market, we will see some life come back on the heels of increasing regulatory certainty and adoption. At year’s end, I see bitcoin at $8,200.

Meanwhile, Henry Stanley, chief executive officer ICOAxiom, went farther and estimated bitcoin’s year end price to be close to $10,000 and said:

I believe the bull market has kicked in in the crypto space and the price of bitcoin will finish the year around $10,000.

Despite the current bearish trend, the majority of experts hope for a bitcoin bull run in the near future. If such claims are to be believed, the current accumulation phase provides investors and general public with a seemingly rewarding buying window. Regarding bitcoin’s value, famous cybersecurity expert and permabull, John McAfee, recently stated:

I don’t care if it’s a penny today, it’s going to be two million dollars very soon…What’s happening in the market has nothing to do with the reality of its value.

Since the overall market capitalization of bitcoin is less than $100 billion at the moment, it is still small as compared to the market capitalization of huge financial institutions and banks. Due to this small cap, those parties with deep pockets buy huge amounts of digital assets, like bitcoin. As a result, the supply in the market falls short pushing the value or price up. As the price rises up, more people jump in on the upward bandwagon with the hopes that price will increase even further. At a higher price value, the whales dump the asset in huge numbers and flood the market with a surplus supply of bitcoins. This results in the value coming down and as a consequence of all this, the whales earn big bucks.

READ ALSO: The Verdict is Out – 2020 Will be Bitcoin (BTC) Golden Year

Adamant Capital’s report also revealed that the current bearish trend of bitcoin mirrors the bearish run of bitcoin witnessed in 2014-15. As the accumulation phase ends, a bull run is expected and the market might see bitcoin cross its all-time high of $20,000 in the future. This inference is made from the fact that markets have memories. A trend that is shown in the past sometimes repeats itself in the future. Thus, a post 2017-18 bull run is now expected after the current accumulation phase.

But, more importantly, in this accumulation phase, lies the opportunity for those who want to invest for the long-run. For centuries, gold has been considered a standard for investments or savings for the long run. Since bitcoin is now turning out to be the new digital gold, keeping one’s fiat money in bitcoins might just prove to be the best investment if the proponents of this nascent space are to be believed.

The technology and legislation associated with bitcoin are being developed at a rapid pace with a lot of capital flowing in. As regulatory clarity is achieved and adoption of bitcoin among major financial institutions and general public increases, things will likely set up for a major bull run which might push bitcoin to even cross the $20,000 mark along the way.

READ ALSO: Bitcoin Sentiment is Changing Among Financial Institutions – Pomp is Leading the Way

Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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Ahsan Khalid

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