Bitcoin saw highs from 2017 continue into January this year with the cryptocurrency’s peak reaching $ 14,112 (£10,745).
This then plummeted to around $ 6,000 (£4560.99) in August, depreciating by more than half.
The cryptocurrency is highly volatile and relies on confidence from investors in order to increase in value.
Many involved in cryptocurrency are waiting for a Bull Run to occur to increase prices.
What is a Bull Run?
A Bull market is a market in which prices are rising or expected to rise quickly, the term is used across financial and stock markets.
A Bull Run is a term often used in the cryptocurrency field which describes a surge in crypto prices.
When confidence in the currency is at a high and volatility low, investors will buy up the currency causing its value to soar.
Are we likely to see a bull run any time soon?
Samuel Leach, founder of the cryptocurrency Yield Coin told Express.co.uk that he believes a Bull Run will happen soon.
He said: “It’s only a matter of time before Bitcoin eventually hits a bull run again. The focus is currently around the Bitcoin ETF and whether the wider market participants think it’s progressing as expected.”
An ETF or Exchange-Traded Fund is a marketable security that tracks the performance of a particular asset or groups of assets.
A Bitcoin ETF is one that mimics the price of the most popular digital currency.
This would allow investors to buy into the ETF without having to actually go through the process of trading in bitcoin itself.
However, no bitcoin ETFs have been approved by regulatory agencies so far.
Mr Leach believes that once ETFs are approved, this will pave the way for a Bull Run.
He said: “Once an ETF application is accepted though, we will see an influx of interest and capital allocations which will open the doors to a wider range of investors who want to invest in a crypto fund rather than directly into a crypto itself.
“This appeal will also reach a far greater range of investors who like the idea of diversification.
“Once it’s passed, the momentum will grow significantly simply because of the increase in investors and adopters.”
David Jones, finance expert and technical analyst believes that whilst prices could increase, they will not reach the highs we saw in 2017 without mainstream acceptance of cryptocurrencies.
Mr Jones told Express.co.uk: “It has been quite a dull year for Bitcoin.
“Following the bursting of the speculative bubble it has had the occasional rally but these have ended up running out of steam.
“All of this year the $ 6,000 level has proved to be a floor for the cryptocurrency and we have seen buyers happy to step in on weakness down to here.
“But when it comes to a major bull market, it is going to be a shift in sentiment and news surrounding Bitcoin that will be the gamechanger.
“If we saw, for example, more widespread acceptance by the banking world of Bitcoin as a method of payment then that could well be the catalyst that kick-starts a major recovery in the price.
“For now at least, after last year’s speculative mania had died down, Bitcoin is still seen as a somewhat niche method of payment and until that changes, it is difficult to see its value getting anywhere near that seen in late 2017.”