Bitcoin has seen a strong rally in the past few weeks, bringing it to almost $ 30,000. The leading cryptocurrency is currently trading for $ 29,900, well up from weeks ago.
Analysts believe the main phase of the bitcoin bull is here. This is despite some concerns shared months ago that the cryptocurrency market should experience excessive consolidation due to the pandemic and its impact on global markets.
Bitcoin is up 2.5% in the last 24 hours and 20% in the last week.
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BTC is in the main bull phase
Bitcoin is now in the main bull phase, according to cryptanalyst Willy Woo:
“If you are looking for a long-term entry into HODL Bitcoin, you shouldn’t make nickel and cents. You’re not going to break a sweat on a few thousand dollars in imperfect entry when it’s $ 100,000, $ 200,000, $ 300,000 in a year … The main bull phase is here. The capital inflows have gone insane. “
If you are looking for a listing for HODL Bitcoin long term, you shouldn’t pay a listing with nickel and cents. You’re not going to break a sweat on a few thousand dollars in imperfect entry when it’s $ 100,000, $ 200,000, $ 300,000 in a year.
The main bull phase is here. The capital inflows have gone insane.
– Willy Woo (@woonomic) January 1, 2021
One reason he believes this is because of the huge inflow of capital in the Bitcoin space.
Technology analyst Kevin Rooke found in December that Grayscale Investments’ BTC Trust (GBTC) absorbed nearly 13,000 BTC in one week. He wrote on the subject:
“Bad news for BTC bears. Grayscale’s Bitcoin Trust just added 12,319 BTC $ GBTC in a single day. That’s more than the 11,512 BTC they added in all of last week when BTC broke its ATH. “
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Strong retail demand for Bitcoin
To confirm the assessment that Bitcoin is in a bull market, data suggests that there is strong retail interest in the leading cryptocurrency.
Pantera Capital, a leading crypto asset fund, found that there is a lot of retail demand for Bitcoin, as evidenced by PayPal’s crypto volumes.
On this subject, the company wrote:
“PayPal’s crypto infrastructure provider is Paxos. Prior to PayPal’s integration of Crypto, itBit, the exchange operated by Paxos, had a fairly constant trading volume – the white line in the graph below. When PayPal went live, the volume started to skyrocket. The increase in itBit volume means that PayPal is already buying more than 100% of the new Bitcoin offering within two months of launch. “
This strong demand momentum is likely to drive BTC higher over time as demand outpaces supply.
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Selected image from TradingView.com’s Unsplash chart Price tags: xbtusd, btcusd, btcusdt Bitcoin’s “Main Bull Phase” has arrived: On-Chain Analyst
