This is a three-week high, and from a technical perspective the dominant cryptocurrency looks set to test the long-term inflection point of 12,000USD.
Most importantly Bitcoin (BTC) is up 85% since it dipped below $6000 on February 6th and created a “V” shape rally, however most observers believe that this is still a bear market.
If bitcoin however can break 12k and beyond, it might be a strong signal that the bear market is over.
Historical data shows that the average bitcoin bear markets last 71 days. We are now at the 66th day of the decline since it started on 17th December, which might be a coincidence, or it might show that the bitcoin cycles might be more rhythmic than many realise.
The Belgian deputy Prime Minister Alexander De Croo is leading the bull market conversation. De Croo is pushing for a future Europe that is supported by blockchain technology and hopefully in eyes headquartered in Belgium. Alexander De Croo said by 2020 the country plans to be ranked in the digital top three in the European Digital Economy and Society Index, become home to 1,000 new startups and create 50,000 new jobs.