If we compare the beginnings of the current bull run cycle to the last one, it’s clear that we’re just getting started. We’re just 20 weeks in and Bitcoin has already reached a local high of $13,900.
By all estimates, the current bull market is just getting started.
Bitcoin is Starting Out High
If we look back to the previous bullish cycle, the bull market lasted some 152 weeks according to technical indicators. That’s around 1064 days or almost 3 years. As of now, we are only 20 weeks into the new bull run, still emerging from the wreckage that was the bearish 2018 winter.
Despite being so early in the cycle, the cryptocurrency market has still managed to exceed expectations. Whereas at the beginning of 2019 analysts would have been happy with $10,000 by end-of-year, Bitcoin managed to reach $13,900 in a very short amount of time. Moreover, altcoins have not even started their cycles yet which seems to indicate that we are in for a major bullish rollercoaster ride.
A Long-Term Bull Run Isn’t a Sure Thing
However, there are a few market forces which could throw a wrench into these predictions. For one, the possibilities of a global recession could have a severe negative impact on the cryptocurrency market. Bear in mind, the cryptocurrency space has never gone through a recession despite Bitcoin being born out of one. Secondly, there’s also no way of knowing if the forthcoming bull market will last as long as the last one. Precedent is not always indicative of future trends.
Regardless, if the trends remain consistent this time around, we could see a major rally that could kick Bitcoin up to $100,000. The road to 6 digits will be a rocky one, but that’s the milestone many are hoping for in this next cycle. Of course, most promising altcoins will also undoubtedly benefit as well and we could see a major shakeup in the top-20 cryptocurrencies come 2021-2022.
Do you agree that we are just in the beginnings of a bull market? If so, has the market already exceeded expectations? Let us know your thoughts in the comments below.
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