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Back in 2017, Bitcoin was the biggest news story of the year after it went on a jaw-dropping bull run and reached a price of $20,000 per coin. However, from those heady highs, the bitcoin price soon started dropping and throughout the course of 2018, Bitcoin and the crypto market at large were on a bit of a tailspin.

However, 2019 has been a different kind of year for Bitcoin as the price continued to surge from one month to the next and as of Tuesday morning, bitcoin price reached an $8,000 mark. It is the culmination of a brilliant year so far and is the highest price it has reached since July last year.

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Solid Rally

Throughout 2019, Bitcoin price jumped at a conservative pace, but by the end of April and the beginning of May, the price started climbing at a breakneck pace as talk of another monstrous bull run started circulating in the crypto space. On Monday Bitcoin price surged to $8000 but one some exchanges it reached higher prices as well. For instance, on Bitstamp, it reached a price of $8,131, which reflects a 24 hours rise of a massive 17%.

However, the reasons for optimism this time are different. There is a big possibility that significant institutional capital could not put into Bitcoin. Fidelity is all set to open its crypto offering in which big institutional investors are going to be able to buy Bitcoin and in addition to that, widespread institutional interest is being shown for the cryptocurrency.

Is the Bitcoin Price Sustainable?

Despite the current optimism surrounding Bitcoin, the big question remains whether this rally is going to sustain and whether the cryptocurrency the same heights that it did before. In that regard, it must be said that experts are not yet sure whether this rally is going to hold and some have even gone on to state that they are not yet sure whether this can even be called a bull run or not.

That being said, some big moves are currently being made by large Bitcoin holders, who are often referred to as ‘whales’. Single transactions worth hundreds of millions of dollars are taking place between large Bitcoin holders and while it may be a sign of an impending bull run, it could also be a case of bitcoin price manipulation.

Featured Image: Depositphotos / sinenkiy

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