Bitcoin's Bull Run Could Be Just Getting Started—Here's Why

By Billy Bambrough

Bitcoin has soared so far this year, with the bitcoin price rising more than 200% since the beginning of the year.

The 2019 bitcoin price bull run was sparked by rumors and expectations the world's biggest technology companies were wading into bitcoin and cryptocurrencies, including the likes of social media giant Facebook and iPhone-maker Apple.

Now, data analysis has found bitcoin sentiment appears to be similar to early 2017—just months before the bitcoin price soared to almost $20,000.

"Our current level of reserve risk is equivalent to where we were in the early part of 2017," Hans Hauge, senior quantitative researcher at crypto investment fund Ikigai, revealed in a series of Twitter posts.

"That was right before things got really crazy and six to nine months before the bubble burst, bitcoin was around $1,000 to $2,000 at the time."

The analysis is based on the so-called bitcoin days destroyed technical metric, referring to how often tokens are moved with higher prices tending to coincide with coins moving more often.

"Bitcoin bubble tops are clearly identified with a dark red cluster of adjusted binary bitcoin days destroyed, Hauge added. "Until that happens, we're not at the top. Public opinion is key here because that red cluster is caused by the assumption of the crowd and is self-fulfilling."