Bitcoin Rockets Past $75K as Analyst Declares the Bull Market Has Begun

Numerous altcoins have recorded more impressive gains today, led by Ripple's XRP.

It’s hard to believe that just 48 hours ago, there was no clear indication of what was going to happen next. The reality, though, is quite promising as bitcoin has added over $11,000 within this timeframe, and blasted through $75,000 hours ago for the first time since late May.

Naturally, analysts have shifted their market perspective, with Ali Martinez indicating that the next bull phase has commenced.

Bull Market Is Here?

The primary cryptocurrency stood still for weeks (or even months, depending on your explanation of the word ‘still’) and failed to move past $65,000 despite multiple attempts. The latest rejection came just last week, and the subsequent correction pushed it south to its lower boundary of this tight trading range at around $62,000-$63,000.

Then came the Wednesday afternoon rally that changed the game. Bitcoin skyrocketed in a God candle by 12% in 24 hours and surged first to $70,000, before it broke down that wall and tapped $71,000-$72,000. It stalled there for a few hours, but the bulls were a lot more persistent this time and initiated another leg up. This time, BTC rocketed to almost $76,000 (earlier this morning), and it has settled at $75,000 as of press time.