Analysts Trace Current Bitcoin Rally to 2017 Bull Market

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Bitcoin value has seen a highly significant upsurge in the past few days, with it reaching USD 7,968 at  3:00pm UTC on 19 May 2019. With an almost 150% increase in value from last December, various crypto analysts believe that this upsurge marks the start of a prolonged bullish run, with the bear cycle of the previous year coming to an end. Famous crypto analyst, Joseph Young, took to Twitter to cheer the cryptocurrency community for surviving the brutal 16-month bear market.

Various crypto analysts believe that this Bull cycle is similar to the one experienced in 2017, while some are confident to the extent of believing that it will surpass it. Bitcoin got over the plethora of flash crashes experienced in the past few days and overcoming the cumulative 21.37% drop that it experienced three days ago. Crypto experts are of firm belief that this bull cycle will last for a long while.

Parabolic Trav, a crypto analyst, said that as long as Bitcoin value remains above USD 6400, the bullish cycle will not get over.

Zschaepitz, a German economist, said that the value of Bitcoin has gotten way past its intrinsic value, that is, the cost of production per Bitcon, which stands at about USD 4500 at the time of writing this article. Although the cost per Bitcoin depends upon the scale and efficiency of Bitcoin miners, Bitcoin’s value has seen a consistent upward deviation from its intrinsic value. Slow but steady in the race, Bitcoin is foreseen as a dominant reserve currency by many analysts and crypto enthusiasts.

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