Bitcoin (BTC)’s Rally Is Not Over, Says Analyst
Bitcoin (BTC) – related predictions are getting more bullish with each passing day, even if the market is extremely volatile these days and BTC fell during the past period even below $10k.
BTC’s 2019 rally is not over yet
Here’s the latest interesting opinion on BTC’s price these days.
A senior quantitative researcher at crypto investment fund Ikigai said that BTC’s 2019 is not over.
Hans Hauge who is an analyst of the amount of BTC that’s sold by long-term holders over time shows that BTC has not reached a top in its current cycle just yet.
“Bitcoin bubble tops are clearly identified with a dark red cluster of Adjusted Binary BDD. Until that happens, we’re not at the top. Public opinion is key here because that red cluster is caused by the assumption of the crowd and is self-fulfilling (reflexivity),” he said.
In his opinion, the numbers show a large amount of accumulation in the market.
“In fact, recently there’s been quite a bit of accumulation (or what you might call dormancy, a lack of ‘destruction’). A few people are always going to take short-term profits, but that’s to be expected in any market,” he explains.
He continues and says that “If we zoom out and think about the long-term, our current level of Reserve Risk is equivalent to where we were in the early part of 2017. If you recall that was right BEFORE things got really crazy and 6-9 months before the bubble burst (BTC was around $1-$2k at the time).”
Bitcoin’s current price
Today, the crypto market doesn’t look bad at all, with the most important digital assets trading in the green.
At the moment, BTC is also trading in the green, and the coin is priced at $10,367.26.
In other news, BTC was in the spotlight again these days after Max Keiser called it the key to eliminate white supremacy.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.