Bitcoin Price Crossed $5,000. What Is Behind The Rally?

Story by: Naeem Aslam

Some said it was dead, some said the glory days were over, but smart money knew that it was the best time to take leverage of the situation. Today, Bitcoin price crossed the $5,000 touching the highest level since November 2018. In terms of percentage, it was a move of over 20 percent and it occurred at 06:21 AM London time. At the time of writing, the Bitcoin price moved back below the level of $5,000, but I believe this is only temporary as long as the momentum holds. This is because since touching its lowest point of $3136 back in December 2018, the bitcoin price has scored 61 percent gain, and year-to-date, it is up nearly 25 percent.

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Photographer: Chris Ratcliffe/Bloomberg


Bitcoin is a kind of a beast which has the ability to score more than 20 percent gains on a daily basis and we have seen this kind of rally towards the end of 2017 before the price crashed after it touched the all-time high of $20K (approx.). However, it has been a long time since we saw a move like the one today and it is going to attract many investors who have been sitting on the side line waiting for this moment.

The fact is that 2019 is turning out to be a good year for Bitcoin. We have three consecutive months of gains as shown in the chart below. This is the first time we have this trend. These three consecutive months have more momentum in terms of price action compared to the last three months of 2018.

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Bitcoin chart shows three consecutive months of gains.


Good news doesn’t stop here for the bulls. What could also attract retail money is the fact that we have six consecutive weeks of gains, a trend not seen since the price made an all-time high. The below chart shows this trend.

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