Just recently, the most popular crypto currency, Bitcoin surpassed the $41,000 mark. This is after going 19months in various up and down trends. This happened early on Monday and the signs indicate that Bitcoin might end the year on a bullish run.
Reports from Coinmarketcap show that Bitcoin price has been hovering around the $40,000 price recently and finally rocketed from under $39,500 to go above $41,000 on Monday, hitting a new high for the first time in 19 months.
This news signifies a new high for Bitcoin price which has now grown to over 150% since the turn of the year. Although it is still 42% below it’s all-time high of $69,000 from November 2021.
Tracing back, we notice that the price of the world’s largest and oldest crypto (Bitcoin) fell below $40,000 in April 2022 which signalled the start of the bear market the industry has endured. In recent months the market has been seeing some bullish run which is partly due to the favourable comments and sentiments from the United States regarding the approval of a spot Bitcoin exchange-traded fund (ETF).
The Bitcoin halving event which comes up in April 2024 has become a sign that we might expect another significant bullish run come 2024.