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At the current price of about $58,200, bitcoin is now valued at about $1.1 trillion. This makes it one of the largest tradable assets by market capitalization. It looks as though bitcoin has gotten to a stage where pullbacks are only deemed to be short-term with the long-term outlook remaining bullish. Nonetheless, this does not mean that short-term investors cannot profit from the market. As demonstrated over the last couple of months, bitcoin still experiences significant price swings which provide an opportunity to profit in the short-term.

Traders could profit more by targeting the BTC/USD rebound and pullback levels as demonstrated in the chart above. Right now, it looks like the $62,000 level will be an ideal target for the bulls while the bears could look to pounce for pullbacks at around $57,000. However, this is not always an easy task as traders might miss the window and open positions at the wrong time.

This is when novice traders call to the services of expert traders to trade on their behalf. Alternatively, there are platforms that allow inexperienced traders to copy the trades of expert traders. These platforms are part of the reason why crypto trading has experienced tremendous growth over the last few years. According to Daly Young, Chief Product Officer at cryptocurrency derivatives exchange Bingbon, "Copy trading has helped to bring more traders to the cryptocurrency market. Novice traders do not need to spend too much time trying to understand the industry and trading techniques. All they need to do is copy the trades of experienced traders and follow their lead when it comes to handling crypto volatility."

The long-term view

Bitcoin’s short-term volatility demonstrates similar patterns to its past performances. However, if we expand that window to a more long-term view, things look different this time. The price of the pioneer cryptocurrency looks more bullish with a determination not to fall to previous lows.

The bitcoin price continues to rise in a  series of higher highs and higher lows that mark its pullback and rebound levels, respectively. In this perspective, $70,000 looks well in touching distance with the next major target being at $100,000. Several analysts have already predicted that bitcoin will surpass this mark by the end of this year.

What is driving the bull-run?

One of the reasons why bitcoin’s current run could continue further is due to the introduction of new trading tools and features that are making it easier for new traders. As mentioned earlier, even novice traders can now profit from the pioneer cryptocurrency without having to invest a lot of time in learning how things work. All they need to do is sign up on platforms that have features like copy trading and start investing.

Another reason why bitcoin is becoming a mainstay in the global financial markets is the increased number of mainstream financial payments companies that have embraced crypto. One of the latest updates came this week that PayPal will now allow crypto checkout payments.  Last year, the global online payments giants introduced crypto payment services allowing traders up to $20,000 worth of crypto transactions per week. It was also reported that PayPal was actively hoarding bitcoin a few months before the announcement.

This move also follows those of several financial institutions that either have launched their own crypto or are working on one.

Therefore, it looks like the timing is right for bitcoin to kick on from here rather than plunge to lows experienced before the beginning of the current rally.

Conclusion

In summary, the price of bitcoin appears to have outgrown cyclical volatility that was primarily caused by speculation and doubt. It looks like now, more crypto investors are buying into the promise especially with top financial services companies coming in. 

Furthermore, improved trading tools are allowing more investors to make money in the crypto market. This boosts confidence in cryptocurrencies like bitcoin thereby reducing cyclical volatility.