The Bitcoin price managed to resume its momentum of the last few weeks on Monday and reached its highest level of the year for the time being at USD 12,400. With this movement, the pessimists seem to have fallen silent for the time being, who had forecast a (massive) correction after the price increase of 32% in the past few weeks. Despite this bullish development of the Bitcoin price, some probably remain concerned that a “2019” could repeat itself. At that time, the price shot up to its high of 14,000 USD by the middle of the year, only to then lose 50% of its value again in the second half of the year. In this article we focus on a few reasons that suggest that a bull trap like 2019 will not repeat itself and that we will finally see the long-awaited bull run like 2017.
The Bull Trap 2019
We remember: it is the end of March 2019 and the Bitcoin price is just below the USD 4,000 mark after a long crypto winter. Then, at the beginning of April, the BTC price suddenly jumped upwards and within a short period of time jumped to USD 5,000. What happened next is known to all BTC fans: the course started a rally up to 14,000 USD in the middle of the year.