By CCN: Bitcoin price is on track to having its second-best quarter since 2014 with a 92 percent gain within two months if it remains above $8,000 by the end of June.
Since April 1, in about a month and a half, the bitcoin price has increased from $4,100 to $8,000, by nearly two-fold against the U.S. dollar.
current quarter ranks as the 2nd highest quarterly gain since 2014 and the 7th highest quarterly gain all-time pic.twitter.com/bNTohKJREw
— Josh Olszewicz (@CarpeNoctom) May 19, 2019
At its lowest point in December 2018, the bitcoin price was down about 85 percent from its all-time high at $20,000. As of May 20, bitcoin is down less than 60 percent from its record high following a powerful recovery in the second quarter of 2019.
Will bitcoin price see a 2017-esque rally?
The price trend of bitcoin so far into 2019 closely resembles that of its movement in 2017, a year in which it demonstrated arguably its strongest bull market as it surpassed $20,000 in key markets such as South Korea.
BItcoin began 2017 with a large 40 percent quarterly gain, followed up with an explosive 80 percent gain in the second quarter, and ended the fourth with a staggering 219 percent gain.
The dominant cryptocurrency was able to sustain its momentum throughout 2017 to achieve a new all-time high due to a sudden spike in retail interest supplemented with significant mainstream media coverage.