Is $50,000 BTC the Beginning of a Bitcoin Supercycle?
As bitcoin reaches a new milestone all-time high, NLW asks whether we’ve broken out of a traditional halving-based market cycle to something bigger.
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With little comfort on the daily chart, analysts once more zoom out to explain the lack of momentum on the market. Bitcoin (BTC) fooled no one with its criss-crossing of $40,000 on April 15 as traders remained firmly risk-off on BTC.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin returns to key 2022 Fib levelData from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing modestly after returning to the $39,500 zone on April 14.The move erased an impulse move higher from earlier in the week, underscoring the lack of bullish market momentum despite conspicuous....
Indicators point to the moon as an ailing macro economy provides a mass influx of retail investors into Bitcoin. Bitcoin (BTC) is looking increasingly like it is in a “supercycle,” not just a bull cycle, statistician Willy Woo suggests.In a Twitter exchange on Feb. 12, the popular analyst joined Dan Held, growth lead at U.S. exchange Kraken, calling the current BTC market a bull run like no other.Woo: Retail has arrivedHeld had previously explained his theory about the state of Bitcoin in 2021 — that price gains cannot be compared to past bull phases, and do not even match the end of 2017....
Kraken's head of growth, Dan Held, thinks Bitcoin could reach $1 million within the current market cycle. According to Dan Held, growth lead at Kraken, Bitcoin is currently experiencing a supercycle that could propel it all the way to $1 million.In Held’s view, this market cycle is fundamentally different from previous ones. “This is one in a hundred year moment”, he said, mentioning the coronavirus crisis, growing distrust in financial institutions and central bank money printing as catalysts of the current crypto bull market.“People aren't just in it for a speculative run anymore. People....
Recent events mean that a Q4 "blow-off top" is now back on the menu as BTC price recovery clings to its 23% weekly gains. Bitcoin (BTC) is gearing up for a comeback which should lead it to repeat classic bull run years 2013 and 2017, analysts are arguing.As $42,400 local highs appeared on July 31, narratives around the market are flipping back to a bullish Bitcoin "supercycle."Bulls come out for 2021 closeBitcoin has been busy repairing the impact of the China miner rout since mid May, but last week's price advances were stronger than most anticipatedRelated: Bitcoin open interest mimics....