Several experts see the best conditions for further massive gains by Bitcoin.
The sustained upward trend of Bitcoin Billionaire does not seem to end, which is why several experts now agree that the market-leading cryptocurrency is rather in a „super upward trend“.
The corresponding formulation comes from the popular crypto analyst Dan Held, who holds a leading position at the American crypto exchange Kraken. In a Twitter discussion with statistician Willy Woo, he highlighted the special constellation that results for the current upward trend and will probably drive it even further.
„Super upward trend“ like never before
First of all, Held explained why he considers the conditions for Bitcoin in the new year to be better than ever before . Accordingly, the current price development would clearly overshadow past upward trends, even the great hype of 2017, when Bitcoin climbed to the then record high of almost $ 20,000, would not come close to the current run.
Rather, the current upward trend would have been on an unprecedented scale, which inevitably represents a “super upward trend”.
Statistician Woo agrees with the tenor that the general public in the form of private investors increasingly returned to the market-leading crypto currency in January and additionally reinforced its positive price development.
“In the last 4 weeks private investors have returned. So we are now only in the middle phase of the uptrend. An upward trend like never before, ”said Woo effusively.
Held goes one step further and says that the re-entry of the general public heralds the „super upward trend“, which Woo confirms with reservations.
“I won’t be able to say with certainty whether it was like that until the fourth quarter. At the moment, that’s just the narrative that emerges from the fundamentals. We’ll have to wait and see if the capital flows confirm it, ”said the statistician, before adding:
„Because of the situation, I tend to support this thesis.“
That there is still room for improvement for the crypto market leader can be seen from the fact that the search queries for „Bitcoin“ were high at the beginning of the year, but still lag behind the peak values of 2017.
Ascent to over 100,000?
The BTC price is now facing a major hurdle at the psychologically important US $ 50,000 mark , but longer-term indicators suggest that it will continue to rise despite the massive gains in recent months.
The so-called „Thermocap“, which looks at the total turnover in Bitcoin mining since the introduction of the cryptocurrency, is one of these key figures . The German analyst Rafael Schultze-Kraft from the crypto market research institute Glassnode is convinced that Bitcoin can still climb to 110,000 US dollars if the Thermocap performs as well as 2017.