By CCN: Year-to-date, the bitcoin price has surged by 113 percent in a stunning recovery, achieving $8,000 in merely six months after plunging to $3,150 in December 2018.
Although bitcoin experienced extreme volatility in recent days, it’s up significantly in 1 month (source: coinmarketcap.com)
As said by Thomas Lee, a co-founder at Fundstrat Global, bitcoin has historically tended to record most of its gains in a short time frame, typically in a 10-day window, unlike traditional assets and asset classes.
2/ Reminder that BTC generally generates all of its performance within 10D of any year.
–ex the top 10 days, BTC is down 25% annually since 2013 pic.twitter.com/zoEocEEZvu
— Thomas Lee (@fundstrat) April 2, 2019
According to cryptocurrency researcher Alex Saunders, the last time the bitcoin price closed above $8,300, it took 13 days to achieve a new all-time high at $20,000.
Whilst it remains unclear whether a similar short-term performance would be demonstrated by bitcoin this time around due to the noticeable difference in catalysts that are triggering the upside movement of the asset, it is worth considering the trend shown by the asset in the previous bull market.
Will bitcoin experience a similar bull run as 2017?
It is highly unlikely for bitcoin to initiate a sudden recovery to $20,000 in the near-term as it approaches $8,300. In 2017, the $8,300 mark represented a level which was secured following an impressive $7,000 gain in 12 months.