Bitcoin Hits $85,000 and Nears 8-Month High. Is the Crypto Bull Market Finally Here?

After a difficult year that at one point saw the world's largest cryptocurrency down nearly 34%, Bitcoin (CRYPTO:BTC) has now clawed back much of those losses.

As of 8:40 a.m. ET today, the token traded above $85,070, nearing its highest level in eight months.

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Despite a favorable regulatory backdrop, crypto investors seemed to lose interest earlier this year, perhaps due to the allure of artificial intelligence and other new emerging technologies.

The token also struggled for much of the Iran war, which has partly contributed to soaring bond yields. But with the strong bounce-back, many are now wondering whether the crypto winter has ended and a crypto bull market has arrived.

Image source: Getty Images.

Evidence that the worst may be over

Given the sector's momentum when President Donald Trump took office, I think the crypto winter caught many by surprise.

Trump appointed pro-crypto regulators, ordered the creation of a U.S. Strategic Bitcoin Reserve, and issued other orders, such as allowing people to invest retirement funds in alternative assets like crypto. Not to mention a strong broader market.