’s price has surged in the last 24 hours, pushing past $6,900 and approaching the $7,000 mark. The world’s most well-known ’s sudden price bounce also appears to have buoyed the broader crypto markets, as other major coins like cash, , and all enjoyed roughly double-digit price increases during that same period.
The rally comes amid signs of renewed positive sentiment about , as some analysts have indicated expectations for a rally ahead of 2020’s halving event. As Forbes today, Canaccord Genuity investment analysts recently told their clients that an anticipated recovery “may be slightly ahead of itself.” According to those researchers:
“Now four months into 2019, we note for the third time the striking similarity in ’s price action between 2011-2015 and 2015-2019. “While this simple pattern recognition has little fundamental basis, we note that does operate on a four-year cycle of sorts, as the halving of ’s reward occurs approximately every four years.
has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself. Looking ahead, if were to continue following the same trend, the implication is a slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021.”
At press time, ’s price was holding firm just below $7k, at $6,953.
Published at Sat, 11 May 2019 20:52:22 +0000
