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Looking at Bitcoin’s price chart for the last week feels a lot like riding the rollercoaster. After having surged to almost $8,400, the Bitcoin price took a beating, plunging to $6,300, only to get over $8,000 in a couple of days. This is the reason for which the bull market has returned, according to BitMEX Exchange CEO Arthur Hayes.
Arthur Hayes: The Bull Market is Real
Arthur Hayes, the CEO of the most popular Bitcoin crypto margin trading exchange, BitMEX, has said that “the bull market is real.” According to him, the reason for this is that the price has managed to quickly recover from the steep plunge a few days ago in a relatively short period of time.
The bull market is real. A momentary dip below 7k, and a few days later we are back above 8k and the Sep and Dec contracts are in contango. Booyah! pic.twitter.com/qknhDQ8i7p
— Arthur Hayes (@CryptoHayes) May 19, 2019
Indeed, looking at the price chart, we can see that Bitcoin peaked at around $8,500 back on May 16th, only to lose more than 15 percent on the next day. However, instead of dumping any further, Bitcoin recovered, reaching $8,250 today, May 20th.
It’s not the first time Hayes has confirmed the bull market. He also did so when BitFinex confirmed raising $1 billion in their private sale.
It’s not just Hayes who thinks that the positive trend remains intact following the recent bounce. Thomas Lee, head analyst at Fundstrat Global Advisors and popular cryptocurrency commentator has also confirmed that.
After a disturbing pullback to $6200, Bitcoin back >$8,000 further cementing positive trend intact… – he said.
Volatility is Also Back In The Game
Bitcoin volatility across the board is also back. This is something that Hayes has previously praised, perhaps somewhat unsurprisingly given the benefits for his margin trading exchange.
One thing that we saw for sure is the huge impact that Bitcoin’s price continues to have on the market. Regardless of the price movement, the BTC dominance index continues to stay firm at around 57 percent, after seeing a 60% high earlier this week.
As Bitcoin dipped in price, so did all the major altcoins. We also saw the same pattern throughout the latest surge, as a lot of the alternative coins skyrocketed in value following Bitcoin’s increase.
It is during times like this that traders need to be extra careful as huge volatility, as beneficial as it may be, can also bring about serious losses.