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Cyber Bitcoin reported that bitcoin value has risen significantly in the past few days, reaching $7,968 at 3 pm on May 19, 2019. Since the value of December increased by nearly 150%, various cryptocurrency analysts believe that this high mark marks the beginning of long-term bullishness, and the bear market cycle of the previous year is coming to an end. The famous cryptocurrency analyst Joseph Young cheered on the cryptocurrency community on Twitter to survive the brutal 16-month bear market.

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Various cryptocurrency analysts believe that this bull cycle is similar to the 2017 bull cycle, while others believe it will surpass it. Bitcoin overcomes the massive lightning crashes that have occurred in the past few days and overcomes a cumulative decline of 21.37% three days ago. The cryptocurrency experts believe that this bull market cycle will last for a long time.

According to cryptocurrency analyst Parabolic Trav, the bullish cycle will not end as long as the value of Bitcoin remains above $6,400.

German economist Zschaepitz said that the value of Bitcoin has exceeded its intrinsic value, that is, the production cost of bitcoin, which was about $4,500 at the time of writing. Although the cost per bitcoin depends on the size and efficiency of the bitcoin miners, the value of bitcoin has deviated upwards from its intrinsic value. The process is slow but steady, and Bitcoin is expected to be the main reserve currency for many analysts and cryptocurrency enthusiasts.


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