I am still surprised by the rapid growth of the cryptocurrency market. With each hour, Bitcoin, ethereum and other cryptocurrency grow very quickly in value. Within a few hours, bitcoin rose in price by about $ 200, to $ 3,932, and ethereum from $ 127 to $ 146. I wonder how events will continue to evolve further. Is it just a price surge or the beginning of a bull market?
It does look like a potential bull market has started, but it is still way too early to tell. In reality, there still is a lot of potential for this to be a bull trap and there could be another leg down waiting to happen. These gains are nice, but still minimal. I'd say we would need a rapid breakout above at least $4500 before we call an end to this downtrend.