Bitcoin has gone through a remarkable recovery over the past couple of months, thanks to intermittent bull runs that have elevated the cryptocurrency’s price and market cap. Several positive trends have been spotted in the Bitcoin ecosystem, causing many people in the space to believe that it may be Bitcoin’s second coming.

In a recent tweet, Josh Rager, a popular cryptocurrency trader and analyst, stated that the signs were not just positive for the short term, but in the long run as well. The analyst used a graph to point to the fact that the world’s largest cryptocurrency was sticking to a 7-year pattern that can be extrapolated for a future bull run. His tweet read,

“Bitcoin 7-year Trendline
In case you haven’t seen, $BTC is currently sitting above a 7-year trendline that has only broken once as support ( Nov. ’18)
Bitcoin reclaimed support above the trendline in April & if BTC can hold above $7200 it looks bullish for continuation”

Some other users in the ecosystem were of the opinion that as BTC is growing in cycles, it should be expected that there will be a lack of macro trend lines and each cycle will have its own trend. There were also speculations that as adoption increases, the trend might also become flatter.

The analyst’s prediction comes at a time when Bitcoin was holding strong at $8297.34, with a total market cap of $147.35 billion. The king coin held a 24-hour market volume of $19.16 billion and recorded a steady growth rate of 2.3 percent over the 24-hour cycle.

Bitcoin was in the news recently after Grayscale’s latest report stated that the cryptocurrency was a potential savior in times of major economic and political crises. The report read,

“… it [Bitcoin] has a distinct set of properties, unlike any other asset. Through this unique mix of properties, Bitcoin has the potential to perform well over the course of normal economic cycles as well as liquidity crises, especially those involving currency devaluations.”

The post Bitcoin may go up a bullish ramp if it consolidates above $7200 appeared first on AMBCrypto.

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