According to eToro senior market analyst Mati Greenspan, bitcoin is in amidst a parabolic bull cycle and is on track to sustain its strong momentum over the medium to long term. Since January, within less than six months, the bitcoin price has increased by nearly 100 percent against the U.S. dollar.
Still, despite its large short-term rally, Greenspan noted that the dominant cryptocurrency is only at the start of a bigger cycle that may lead to new highs for the asset.
In December 2018, the bitcoin price dropped to its lowest yearly point at $3,150. At the time, even though the industry had demonstrated significant progress in improving the infrastructure supporting the asset class, the sentiment around the market was quite gloomy.