By CCN: Since December 2018, within 168 days, the bitcoin price has increased by more than 130 percent year-to-date against the U.S. dollar, engaging in a powerful recovery following its crash to $3,150.
Based on the historical performance of bitcoin and the length of bull markets throughout the past eight years, cryptocurrency trader Josh Rager suggested the likelihood of the bitcoin rally being sustained throughout the next two years.
Although the bitcoin price briefly dropped to $8,000 as reported by CCN in an unexpected 11 percent drop, many traders have expressed their optimism towards the dominant cryptocurrency on a macro level.
What could push the momentum of bitcoin?
Historically, the bitcoin price has tended to perform strongly a year before and after a scheduled block reward halving.
A block reward halving is a mechanism on the Bitcoin blockchain network that reduces the rate in which new BTC is produced by miners every four years as the supply of the asset closes on its fixed supply of 21 million.