Bitcoin is above $5,000 again.

And that has many people salivating… for good reason.

You see, bitcoin – the world's most valuable cryptocurrency – has been in a brutal bear market since December 2017. During that span, it lost as much as 84% of its value.

But it's shown strength recently. It's risen more than 35% over the last month… and is now trading above $5,000 for the first time since last November.

That has many people now declaring the bitcoin bear market dead.

And while bitcoin's recent surge is encouraging, it's important to exercise discipline.

I'll tell you why in a second. But let's first take a closer look at what happened.

• Bitcoin made a huge move last week…

On April 2, it jumped from $4,200 to $4,800 in the blink of an eye.

Many attributed this huge move to a massive purchase by a mysterious "whale."

Reuters reported on April 2:

Today's gain was probably triggered by an order worth about $100 million spread across U.S.-based exchanges Coinbase and Kraken and Luxembourg's Bitstamp, said Oliver von Landsberg-Sadie, chief executive of cryptocurrency firm BCB Group.

"There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC," he said.

"If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour."