Bitcoin ‘supercycle’ may emerge in 2021 as Fed balance sheet hits new record high
Bitcoin (BTC) is looking increasingly like it is in a “supercycle,” not simply a bull cycle, statistician Willy Woo suggests.In a Twitter exchange on Feb. 12, the popular expert signed up with Dan Held, development lead at U.S. exchange Kraken, calling the current BTC market a bull run like no other.Woo: Retail has arrivedHeld had actually previously discussed his theory about the state of Bitcoin in 2021– that price gains can not be compared to previous bull stages, and do not even match the end of 2017 when BTC/USD neared $20,000. Instead, this year is looking like a bull run on a wholly various magnitude– a “supercycle” in the making for Bitcoin.In his own observations, Woo verified that information pointed to retail financiers returning to Bitcoin in January. Source: Google TrendsThermocap produces $110K BTC rate targetWith Bitcoin poised to deal with $50,000 resistance next, longer-term cost signs continue to point upwards even after the heavy benefit of the past few months.As Cointelegraph reported, Bitcoin so-called “thermocap” is one such metric recommending that the gains are only getting begun and a top is still far off.Bitcoin market cap to thermocap ratio chart with comparisons.
Bitcoin (BTC) is looking increasingly like it is in a “supercycle,” not simply a bull cycle, statistician Willy Woo suggests.In a Twitter exchange on Feb. 12, the popular expert signed up with Dan Held, development lead at U.S. exchange Kraken, calling the present BTC market a bull run like no other.Woo: Retail has arrivedHeld had previously described his theory about the state of Bitcoin in 2021– that rate gains can not be compared to past bull stages, and do not even match the end of 2017 when BTC/USD neared $20,000. Rather, this year is looking like a bull run on an entirely various magnitude– a “supercycle” in the making for Bitcoin.In his own observations, Woo confirmed that data pointed to retail investors returning to Bitcoin in January. Source: Google TrendsThermocap produces $110K BTC rate targetWith Bitcoin poised to deal with $50,000 resistance next, longer-term rate indicators continue to point upwards even after the heavy advantage of the past couple of months.As Cointelegraph reported, Bitcoin so-called “thermocap” is one such metric suggesting that the gains are only getting begun and a top is still far off.Bitcoin market cap to thermocap ratio chart with contrasts.” Title: Bitcoin supercycle might emerge in 2021 as Fed balance sheet hits new record highSourced From: cointelegraph.com/news/bitcoin-supercycle-may-emerge-in-2021-as-fed-balance-sheet-hits-new-record-highPublished Date: Fri, 12 Feb 2021 12:30:00 +0000
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