Bitcoin Price Still Massive 75% Away From Next Bull Peak, Squeals Analyst

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 $3,150.Based on the historical performance of bitcoin and the length of bull markets throughout the past eight years, cryptocurrency trader Josh Rager suggested the likelihood of the bitcoin rally being sustained throughout the next two years.$BTC Bull Market CyclesAs you look at the historical cycles on the Bitcoin chart, you will notice that each bull market cycle exceeds the length of the previous uptrendDon't worry about pullbacks, Bitcoin is likely less than 1/4 into the current uptrend to the next peak high pic.twitter.com/CCesZphBWD— Josh Rager 📈 (@Josh_Rager) May 31, 2019Although 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.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.The growing awareness of the block reward halving as well as increasing institutional interest, retail demand, and improving custodial infrastructure could be considered as potential catalysts of bitcoin.The bitcoin price is up more than $3,000 in the past month (source: coinmarketcap.com)According to the Q1 2019 report of Grayscale, a subsidiary of Digital Currency Group with over $2 billion in assets under management, institutional demand for bitcoin and the rest of the crypto market picked up in the first three months of the year.“Institutional investors comprised the highest percentage of total demand for Grayscale products in the first quarter (73%).