Bitcoin’s “Main Bull Phase” Has Arrived: On-Chain Analyst

2021-1-3 13:00

Bitcoin has undergone a strong rally over recent weeks that has nearly brought it to $30,000. The leading cryptocurrency currently trades for $29,900, far above where it was just weeks ago.

Analysts think that the main Bitcoin bull phase is here. This comes in spite of some concerns shared months ago that the cryptocurrency market was due for an overextended consolidation as a result of the pandemic and its effects on global markets.

Bitcoin is up 2.5% in the past 24 hours and 20% in the past week.

Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment BTC Is In Its Main Bull Phase

According to crypto analyst Willy Woo, Bitcoin is now in its main bull phase:

“If you’re looking for an entry to HODL Bitcoin long term, don’t nickel and dime an entry. You’re not going to sweat a few thousand dollars of non-perfect entry when it’s $100k,$200k,$300k in a year… The main bull phase is here. Capital inflows has gone nuts.”

If you're looking for an entry to HODL Bitcoin long term, don't nickel and dime an entry. You're not going to sweat a few thousand dollars of non-perfect entry when it's $100k,$200k,$300k in a year.

The main bull phase is here. Capital inflows has gone nuts.

— Willy Woo (@woonomic) January 1, 2021

One reason why he thinks so is due to the vast amount of capital inflows seen in the Bitcoin space.

Technology analyst Kevin Rooke observed in December that the Grayscale Investments BTC Trust (GBTC) absorbed nearly 13,000 BTC in a single week. He wrote on the matter:

“Bad news for BTC bears. Grayscale’s Bitcoin Trust just added 12,319 BTC to $GBTC in a single day. That’s more than the 11,512 BTC they added during all of last week, when BTC broke its ATH.”

Related Reading: DeFi Founder Targeted in $8m Hack Says He Has His Hacker’s IP Strong Retail Demand for Bitcoin

To corroborate the sentiment that bitcoin is in a bull market, data indicates that there is strong retail interest in the leading cryptocurrency.

Pantera Capital, a leading crypto-asset fund, found that there is a vast amount of retail demand for Bitcoin as evidenced by the PayPal crypto volumes.

On the topic, the firm wrote:

“PayPal’s crypto infrastructure provider is Paxos. Prior to PayPal’s integration of crypto, itBit, the Paxos-run exchange, was doing a fairly constant amount of trading volume — the white line in the chart below. When PayPal went live, volume started exploding. The increase in itBit volume implies that within two months of going live, PayPal is already buying more than 100% of the new supply of bitcoins.”

This strong demand dynamic should drive BTC higher over time as demand outstrips supply.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt Bitcoin's "Main Bull Phase" Has Arrived: On-Chain Analyst

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95658.25 (-0.20%)
Объем 24H $40.976b
Изменеия 24h: -1.36 %, 7d: -7.43 %
Cегодня L: $95217.68 - H: $97458.26
Капитализация $1894.009b Rank 1
Цена в час новости $ 33557.7 (185.06%)

bitcoin weeks main phase far 900 above

bitcoin weeks → Результатов: 126


Bitcoin Price Spikes 30% in 2 Weeks as FX Wars Fuels Crypto Rally

The bitcoin price is up by more than 30 percent in less than two weeks against the U.S. dollar following a 127 percent year-to-date gain from $4,000 to $9,100. Fundamentals such as the hash rate of the Bitcoin blockchain network remains strong amidst an intensifying currency crisis as a result of the trade war between […] The post Bitcoin Price Spikes 30% in 2 Weeks as FX Wars Fuels Crypto Rally appeared first on CCN Markets

2019-8-9 10:48


GalaxyBTC Crypto Analyst Thinks February 8, 2019 Could Be the Start of a Bitcoin Bull Market Rally

Earlier today, the price of Bitcoin witnessed a surge of over 10%– thereby allowing the premier alt-currency to break through its stubborn resistance region of $3,480-3,500. This sudden increase came after weeks of stagnancy, which saw the flagship asset dip to record lows over the course of the past year or so. However, the question […]

2019-2-9 18:41


Фото:

A South African Township Is Becoming the New Gold Mine for Bitcoin

In several African nations, sending money to friends and family is difficult. Using bank accounts could be easy, but it takes days, sometimes even weeks, for transactions to clear. A new CNBC documentary is exploring the nuances of this emerging market and how exactly it is used to make the underbanked communities of the continent […] A South African Township Is Becoming the New Gold Mine for Bitcoin was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-8-28 21:28