Rising Bitcoin (BTC) Investors Activity Suggests BTC Bull Rally to Continue

What a fantastic start it is to 2021 as the Bitcoin (BTC) price surges another 4% to move past $29,500. The BTC price has hit a new all-time high of $29,594 with its market cap moving past $550 billion. Interestingly, the ongoing investors’ activity in Bitcoin suggests that the bull run won’t be stopping anytime soon.

As per market analysts Willy Woo, there’s some massive investors’ activity happening currently in Bitcoin (BTC). The BTC investors’ activity has spiked to the levels when the BTC price tanked below $5,000 levels in March 2020. The analyst further adds that the current scale investor activity has been unseen since March 2017 and rather much more sustained thereby suggest a continued bull run ahead.

Interestingly, the rising investor activity happens as Bitcoin (BTC) surges to new heights continuously over the last two months. This has been majorly supported by massive institutional participation over the last two months. If we look at the below one-year chart for Bitcoin (BTC), buying at dips i.e $5K-$9K made altogether more sense for long-term retail HODLers. However, the continuous buying at every new high suggests that institutional inflows are getting stronger with every price rise.

Courtesy: CoinMarketCap

In one of his other tweets, on-chain market analysts Willy Woo we are currently at an all-time high juncture wherein the Bitcoin (BTC) top cap model starts curving upwards. The analyst has predicted a $100K price target for the cryptocurrency.

Woo further goes on to add that “$100K is a ridiculously low target at the current trajectory. $55k is the next landmark -> Bitcoin becomes a $1T macro asset bucket”. The latest price rally has pushed Bitcoin (BTC) to new highs as the Grayscale Bitcoin Trust (GBTC) now holds more than $17.4 billion in net assets under management (AUM). The latest candle formation shows that Bitcoin could see a similar rally to the one between 2011-2013.

The post Rising Bitcoin (BTC) Investors Activity Suggests BTC Bull Rally to Continue appeared first on Coingape.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.