Over the last few days, sentiments within the crypto community and the Bitcoin support base in particular have been punctuated with growing optimism about the cryptos future as it broke the $5,200 resistance level and went on to reach $5,600, its ATH for the year.
It’s true that even during the long crypto winter, a lot of people in the Bitcoin community maintained their bullish sentiments in the face of fierce bearish moments. Now that Bitcoin is “waking up” from the long nap, the general consensus is that the crypto can only be headed upwards. These sentiments are not without a strong backing.
BTC Is Better Set Now Than In 2017
First off, a simple examination of Bitcoin’s current market situation in terms of mass awareness, adoption, and use cases gives the impression that the top coin is now in a much better position for a strong bull run than it was during the crypto peak of December 2017.
Besides that, the market is now safer, with most of the scams and security issues having been dealt with over the last year.
These factors make Bitcoin very much ripe for a bull run that could very well surpass the 2017 $20k price peak by far. In fact, according to many analysts and crypto bulls, $20k is just within reach. Some have even predicted the crypto to be worth over $250k within the next few years.
The Halving Is Near
Another strong factor that could work to Bitcoin’s price advantage is the much-awaited network’s block halving expected to occur in May 2020. For one, it’s notable that out of the total of 21 million Bitcoins, 80% of them have been mined and are already in circulation. The halving will decrease the mining rate and reduce the sell pressure as Bitcoin’s demand rises.
In turn, this will affect the price upwards. A critical look at previous halving periods indicates that a Bitcoin bull run starts about a year prior to the halving. That makes 2019 a ripe period for a Bitcoin price surge.