Bitcoin recently underwent a price surge to its highest point in months, leading to speculation that the bear market may be nearing its end.
If you’re a Bitcoin investor, then you’re likely the type to keep a keen eye on market trends and price surges, forever looking out for that good news from the crypto world.
However, after a few months on the downward trend (including a December low of USD $3,193), Bitcoin has just seen a major spike, leading to speculation that this could see the cryptocurrency returning to its lofty heights once again.
As Coin Desk notes, Bitcoin underwent a massive surge this afternoon, sending it to its highest price in months.
— Lil-shiller? (@CoinsDaddy) April 2, 2019
At 3:25pm AEDT, Bitcoin’s price was listed at USD $4,175, before undergoing a huge jump to USD $4,434 in just 15 minutes. However, it didn’t stop there, as the price kept on rising.
By 4pm, the price of Bitcoin was at USD $4,598, only to jump to a peak of USD $4,961 by 4:20pm.
While its initial jump was an impressive 6% in 15 minutes, within the space of an hour, Bitcoin had skyrocketed by a massive 19%
Since its peak, the price of Bitcoin has been on a steady decline once again, though with a current price of USD $4,665 at the time of writing, it’s still up 13% on its 24-hour low.
Although some have noted that such a price spike could be the result of market manipulation, others are thinking it is a sign that the bear market is officially over.
In fact, just last week, economist and global markets analyst Alex Krüger stated his belief that the bear market had in fact ended back in January.
“The crypto bear market has been over for three months now,” CCN reported Krüger as saying. “BTC breaking above 4200 will mark the end of the bear trend that started in January 2018. Going to miss this big fellow.”