The last few days have seen all 20 top cryptocurrency coins display strong market performance, and Bitcoin has been no exception. In fact, the premier cryptocurrency has broken through multiple price supports, trading at $5,791 at press time. Additionally, this comes as analysts predict an upcoming Bitcoin 2019 bull run.
Bitcoin reaches 5-month high
Consequently, this means that Bitcoin is now trading at a 5-month high. As such, the “crypto winter” can increasingly be considered to be concluded after Bitcoin’s stable recovery during the last few months.
This latest price surge, however, comes amid a flurry of bullish cryptocurrency news. For example, the Wall Street Journal recently published a report suggesting that Facebook is seeking investments of around 1 billion dollars in order to develop its “Facebook Coin” cryptocurrency.
This much-rumored coin from the social media giant will reportedly be a stablecoin. Moreover, Facebook is said to be holding talks with the major payment networks Visa and MasterCard for support. However, this is far from the only piece of news encouraging the markets.
Bullish news is driving the markets
The American asset management firm Fidelity Investments recently released a report noting that around 22% of institutional investors already own digital assets. Furthermore, 47% agreed that digital assets have a role to play in their investment portfolios.
Nevertheless, perhaps the most bullish news of this week came in a fresh Bloomberg article. Specifically, Bloomberg talked to the Fundstrat Global Advisors analyst Robert Sluymer. Sluymer notes that Bitcoin is currently in a “sustained recovery” and doing well. Additionally, he suggested Bitcoin could see a full blown bull run during the second half of this year.
What’s more, Bloomberg notes that Sluymer was previously correct in predicting Bitcoin’s crash late last year. As such, his analysis that it could now rally holds more credence than it otherwise would.
Bitcoin to rally in H2 2019, reach all-time highs in 2020
In short, Sluymer believes that even the current levels at which Bitcoin is trading could be dwarfed in the coming months. Sluymer is suggesting that the strong, “bullish longer-term technical profile developing” will allow the premier cryptocurrency to break through the $6,000 resistance level and put it behind itself.
“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance.”
This comes just days after Fundstrat’s founder, Tom Lee, reiterated his bullish claim that next year will see Bitcoin reach new all-time highs.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.