Your favorite crypto news blog

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

Bitcoin 2021/01/02 11:00 by Nick Chong

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.”

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

0 Like(s)

You should also read...

Bitcoin 10/04/20 22:00 by Tony Spilotro
Next Major Bitcoin Drop Could Fall to as Low as $1,800: Analyst
Bitcoin price was just rejected from above $7,000, after recently bouncing from extreme lows under $4,000. With the first-ever cryptocurrency failing to reclaim highs from even just a couple weeks pri...
Read More
Bitcoin 12/06/20 02:03 by Nick Chong
Bitcoin Price Will “Melt Faces” Next Time It Surges Past $10,000: Here’s Why
Although Bitcoin has been incessantly swinging between $9,000 and $10,000 over the past few days, the cryptocurrency is technically still in a consolidation pattern. Ever time BTC attempts to deviate ...
Read More
Bitcoin 10/09/20 04:00 by Cole Petersen
The Number of Bitcoin “Wholecoiners” Just Hit a Fresh All-Time High
Bitcoin investors have been accumulating the digital asset at a rapid pace throughout the past several days and weeks, with the cryptocurrency seeing massive inflows of capital in August while its pri...
Read More
Bitcoin 21/12/20 15:19 by Brenda Ngari
Bitcoin Dips Over 5% To $22,200 After Hitting $24k Record Highs Over The Weekend
The price of bitcoin has plunged by over 5%, two days after the flagship cryptocurrency set a new all-time high above $24,000. During the recent explosive rally, bitcoin set record highs after new re...
Read More
Bitcoin 04/03/21 21:00 by Tony Spilotro
Bloomberg Chief Analyst Says Bitcoin Could “March To $100,000” From Here
Bitcoin is currently struggling to reclaim $50,000, but one chief Bloomberg analyst says that the cryptocurrency could be ready to “march” toward $100,000 per coin in the near term. Here&r...
Read More