The price of bitcoin broke through $11,000 on Sunday as the cryptocurrency recovered after a poor showing in July.

The slow return to form for the world’s most popular cryptocurrency has been weeks in the making with some hiccups along the way. After heading above $10,000 in the middle of the month, bitcoin plunged below the price point July 24, trading as low as $9,440.14 July 28 before once again trading through $10,000 Aug. 1.

As of 10:50 p.m. EDT, bitcoin was trading at $11.499.03, up 6% in the last 24-hours. Noting that it was first time bitcoin has traded above $11,000 in 21 days, Coindesk reported that the price increase was matched with increased volume, with $3.9 billion in bitcoin traded over a 24-hour period.

Looking forward, technical indicators are said to favor a new bull run. Max Keiser, a former Wall Street trader and host of the RT program Keiser Report, is reported to have said that he is “sensing” that bitcoin will cross $15,000 in the week ahead as “confidence in central governments, central banks and centralized fiat money are at the lowest level they have been in decades.”

The theory that geopolitical and macroeconomic tensions such as the U.S.-China trade war are related to bitcoin’s price bounce is shared by others as well, with research and consulting firm Delphi Digital Inc. writing in a report that “the perfect storm for bitcoin is brewing.”

0/ The Perfect Storm for Bitcoin is Brewing.
Our team just released our Quarterly Macro Outlook, which digs deep into the key drivers behind Bitcoin’s long-term value proposition as a non-sovereign, digitally native store of value. Quick summary thread: https://t.co/cBcvmbcNkr

— Delphi Digital (@Delphi_Digital) August 3, 2019

How high bitcoin will climb this time around remains, as always, subject to pure speculation. Some are predicting a price of $17,000, while Morgan Creek Digital co-founder Anthony Pompliano thinks bitcoin will rise to $100,000 by the end of 2021.

On average, “most” have predicted that bitcoin will cross an all-time high of $20,000 and could also reach $40,000, according to Cryptonewsz, which noted that “there’s a general consensus on positive growth for the next few years.”

It should be noted that was a general consensus of bitcoin continuing to grow before it started to fall at the end of 2017 as well. Bitcoin’s history is one of boom-and-bust price cycles and although its price declined in July, it wasn’t a crash like some in the past. Although bitcoin may continue to rise in the short term, its next serious price decline is also due at some point in the near future as well.

Image: Pxhere