It’s been a long, dark winter in cryptocurrency land, as one of the most savage bear markets in crypto history saw Bitcoin decline from an all-time high of almost $20,000 to lows just above $3,200 in December 2018. Yet, there are signs that the bear market may finally be over.
When Bitcoin passed the $6,000 psychological barrier on May 9th, even sceptical traders began to wonder if perhaps the bull market was back. When it breached the $7,000 mark today, much resistance to the idea folded as the total cryptocurrency market cap swole to over 224 billion.
While Bitcoin is famously unpredictable, veteran traders such as Peter Brandt are openly claiming that the bear market has been and gone. Permabull John McAfee took to Twitter to chastise naysayers and restate his position that as Bitcoin crossed $7,000, the growth would not stop.
Cameron Winklevoss, one of the twins behind the Gemini cryptocurrency exchange, who briefly became the world’s first Bitcoin billionaires at the peak of the 2017 bull market, teased those who didn’t take the opportunity to buy at lower prices.
Where Bitcoin could go next is anyone’s guess, but excitement is in the air once again. As financial giant Fidelity Investments prepares to launch its cryptocurrency exchange within weeks, there could be a lot more upside to come.
Whether the Bitcoin bull market is back only time will tell, but for now, there is optimism in crypto markets for the first time in a long time.